Local News Sri Lanka: World Bank Group’s International Development Association (IDA) has decided to further increase the financial support agreed to provide the Government of Sri Lanka for an emergency response to COVID-19, said Higher Education, Technology , Innovation and Information and Mass Media Minister Dr. Bandula Gunawardena.
Accordingly, the IDA planned to use US$ 60 million, which is not yet funded, for three projects for programs aimed at the social segments impacted by COVID-19.
The three projects are the Transport Connectivity and Asset Management Project, the Ecosystem Conservation and Management Project and the Climate Change Adapting Agro-irrigation Development Project.
The IDA has agreed to include a grant under the Transit Loan Facility of US$ 5 million and under the Pandemic Emergency Funding Facility of US$ 1.72 million.
Accordingly, Cabinet approval has been given to the Prime Minister in his capacity as Minister of Finance, Economy and Policy Development for the proposal presented on June 3, 2020 to approve the above funds.
Moreover, under transition assistance loans, the International Development Association has agreed to provide an additional US$ 22.24 million, said Minister Gunawardena.
Accordingly, on June 24, 2020, the Cabinet of Ministers accepted the proposal proposed by the Prime Minister in his capacity as Minister of Finance, Economy and Policy Growth to raise the total amount of funds to be collected to USD 87.24 million and to use those funds for social security initiatives targeting the badly impacted parts of society due to the outbreak of Covid-19.