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Wednesday, April 17, 2024

Sri Lanka to receive financial assistance of USD 203 million from ADB, JFPR

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The government of Sri Lanka today (Sep 09) signed an agreement for financial assistance of USD 203 million from the Asian Development Bank (ADB) and the Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR) to implement the Food Security and Livelihood Recovery Emergency Assistance Project.

In a press release, the Department of External Resources said, Sri Lanka is planning to borrow USD 200 million from the ADB to finance the implementation of the said project which is expected to ensure access to food and protect the livelihoods of the poor and vulnerable, especially women and children.

The loan of USD 200 million will be provided from ADB’s Ordinary Capital Resources.

In addition, the JFPR will provide a grant of USD 03 million through ADB to finance the project activities. The total project cost is estimated as USD 203.36 million, out of which USD 0.36 million has been agreed to be borne by the Sri Lankan government.

The project will also upgrade information technology systems and digital tools for the Samurdhi program and agriculture and agrarian development to enhance cash grant beneficiary selection, verification, monitoring, and communication, and improve financial, advisory, and other services for low-income families and farmers.

The project is scheduled to be completed by February 29, 2024.

The relevant loan agreement for the Food Security and Livelihood Recovery Emergency Assistance Project, amounting to USD 200 million and the Grant Agreement amounting to USD 3 million were signed by Secretary to the Ministry of Finance, Economic Stabilization and National Policies Mahinda Siriwardana and Mr. Chen Chen, Country Director, ADB Resident Mission today, on behalf of the Sri Lankan government and ADB respectively.

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