World Bank okays US 70 mn dollars loan to Sri Lanka
The International Development Association (IDA) of the World Bank approved a loan of 70 million U.S. dollars to Sri Lanka to strengthen the services provided by local authorities in the country.
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), Xinhua reports.
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 U.S. dollars, out of which IDA will credit 70 million
U.S. dollars, the Sri Lankan government will contribute 7 million U.S. dollars and the balance will be financed by the European Union (EU) as a grant.