World Bank's $ 70 million loan to Sri Lanka to strengthen local authorities
Colombo, May 14 (UNI): International Development Association (IDA) of the World Bank has provided a loan of $ 70 million to Sri Lanka to strengthen the services provided by local authorities to the people in several districts across the island, a statement from Sri Lanka's finance ministry said here Tuesday.
The loan will be used to strengthen the services provided by 134 local authorities in the Northern, Eastern, North Central and Uva provinces under the Local Development Support Project (LDSP).
The LDSP is a project designed to strengthen the local authorities capabilities to deliver services to communities in a responsive and accountable manner and to support economic infrastructure development.
The total estimated cost of the project is approximately $ 100 million, out of which IDA will credit 70 million and the Sri Lankan government $ 7 million. The balance will be financed by the European Union (EU) as a grant.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
