An Echelon Media Company
Tuesday May 11th, 2021
Economy

Sri Lanka to improve irrigation, preserve watersheds with $69mn World Bank credit

ECONOMYNEXT – Sri Lanka has inked a deal to borrow 69.53 million US dollars from the World Bank to improve dams and irrigation schemes and preserve watershed with a focus on the Upper Mahweli River in the central hills.

“Effective management of water resources is critical to Sri Lanka’s long-term economic prosperity,” said Faris Hadad-Zervos, World Bank Country Director for Sri Lanka said in a statemet.

“Sri Lanka is blessed with both natural and manmade water resources and protecting its watersheds will help the country adapt to climate change and reduce climate-induced risks on people and their livelihoods.”

The project will benefit 356,000 farming families and will cover 165,000 hectares of farmland.

“The project combines evidenced-based planning with investments in watershed management, dam safety inspection practices and dam risk assessments,” the World Bank said.

“The rehabilitation of irrigation systems will benefit from extensive stakeholder consultation and key project interventions will promote the participation of youth and women to ensure they are supported by the project.”

Irrigation Minister Chamal Rajapaksa was quoted as saying that the government was committed to conserve watersheds.

The 69.53 million dollar credit will come from the World Bank’s concessionary International Development Association. Project preparation activities will be supported by the Korea-World Bank Group Partnership Facility.

World Bank said it was working on 2.3 billion dollars of projects in Sri Lanka transport, urban, water, education and health. (Colombo/Apr23/2021)

Leave a Comment

Your email address will not be published. Required fields are marked *

Your email address will not be published. Required fields are marked *

Comments

Leave a Comment

Your email address will not be published. Required fields are marked *

Your email address will not be published. Required fields are marked *