Colombo (News 1st): A press release issued by the Ministry of Finance states that the International Development Association of the World Bank has provided a loan facility of US$ 70 million to strengthen the service provided by 134 local authorities in the Northern, Eastern, North Central and Uva Provinces under the Local Development Support Project. The signing of this loan agreement took place yesterday (May 14), at the Ministry of Finance.
The agreement was signed by the Secretary to the Ministry of Finance Dr R. H. S. Samaratunga, on behalf of the Government of Sri Lanka and Idah Z Pswarayi â€“ Riddihough, the World Bank Country Director for Sri Lanka and the Maldives on behalf of the World Bank.
It adds that the total estimated cost for this project is approximately US$ 100 million, of which US$ 70 million will be financed through the loan facility from the IDA, another US$ 7 million by the Sri Lankan government and the remaining by the European Union as a grant.
The overall responsibility of the implementation of this project lies with the Ministry of Provincial Councils and Local Government.