Sri Lanka and the World Bank yesterday signed two new agreements worth 150 million dollars to improve climate resilience and agriculture productivity for small farmers and support priority infrastructure through public-private partnerships.
World Bank Vice President for the South Asia Region Hartwig Schafer, and Secretary to the Ministry of Finance Dr. R.H.S.Samaratunga, signed the agreements on behalf of the World Bank and the Government of Sri Lanka respectively. The signing took place during the World Bank Group and IMF Spring Meetings 2019 in Washington, D.C., in the presence of State Minister of Finance, Eran Wickremaratne.
The new projects include a 125 million dollars credit for the Climate Smart Irrigated Agriculture Project, which will improve the resilience and productivity of agriculture for more than 470,000 small farmers in 6 provinces in the dry zone of the country.
A 25 million dollars loan for the Framework Development and Infrastructure Financing to Support Public-Private Partnerships Project, which will help the Government develop a platform to attract and sustain investments required to fulfill its future development priorities.
The Climate Smart Irrigated Agriculture Project will be implemented by the Ministry of Agriculture, Rural Economic Affairs, Livestock Development, Irrigation and Fisheries & Aquatic Resources along with the six Provincial Councils participating in the project. The total project cost is 140 million dollars, including a 125 million dollars credit from the International Development Association, with a 10 million dollars contribution from the Government of Sri Lanka and a 5 million dollars contribution from the project beneficiaries.