Business News from Sri Lanka: The European Union (EU) will step up its assistance to Sri Lanka, by providing Euro 40 million (approximately LKR 7,932 million) for the implementation of Strengthening Transformation, Reconciliation and Inclusive Democratic Engagement (STRIDE) Project. Secretary to the Ministry of Finance, Dr. R. H. S. Samaratunge signed the agreement on 9th October 2019 on behalf of the Government of Sri Lanka in the presence of Ambassador to Sri Lanka and the Maldives for the Delegation of the European Union, H.E. Tung Lai Margue.
The project will be implemented in the Northern, Eastern, North Central and Uva Provinces with the indirect management of the World Bank (WB), UNDP, and the British Council.
In partnering with the WB, the EU will allocate Euro 22.5 million from its grant funds of the STRIDE Project to the ‘Performance Grant Scheme’ of the “Local Development Support Project” which is financed by the World Bank (USD 70 million). Local Development Support Project aims to support development in war affected and lagging provinces, improve coordination in local service delivery and promote economic opportunities, inclusiveness and social cohesion.
The EU will provide Euro 10 million under the STRIDE Project for financing the capacity development of local authorities and communities to plan and manage above performance grants initiatives.
Local mediation boards will be strengthened under this project focusing on effective judicial processes and improving the mediation mechanisms. The EU will provide Euro 7 million for financing this component.