Sri Lanka gets $ 500 million World Bank loan for roads

ECONOMYNEXT – Sri Lanka has signed a loan of $ 500 million from the World Bank to improve 3,000 kilometers of rural and provincial roads, the finance ministry said.

As part of the Connectivity and Inclusive Development Project (ICDP), which will be implemented by the Road Development Authority (RDA) under the supervision of the Ministry of Roads, the 3,000 kilometers will be improved in addition to the 100,000 km of development of government rural roads. program.

“In addition, the project will focus on developing the smallholder agriculture sector by further expanding market linkages and increasing business opportunities. It is planned to fill the gaps in infrastructure and services in the smallholder agriculture sector such as collection centers, warehouses and cold stores and adequate transport facilities, ”said the Ministry of Finance.

The project is expected to help provide agricultural inputs and connect farmers to national and international markets while reducing post-harvest losses, the ministry said.

The total estimated cost of the project is US $ 570 million and US $ 500 million will be loaned by the International Bank for Reconstruction and Development of the World Bank, the finance ministry said.

Secretary of the Ministry of Finance, SR Attygalle signed the loan agreement on behalf of the Sri Lankan government and the Vice President for the South Asia region of the World Bank Hartwig Schafer on behalf of the World Bank. (Colombo / 04 Nov 2021)

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