(COLOMBO, LANKAPUVATH) –The International Development Association (IDA) of the World Bank Group has decided to further increase the financial support agreed to provide to the Government of Sri Lanka for the COVID-19 emergency response, the Minister of Higher Education, Technology, Innovation and Information and Mass Media, Dr. Bandula Gunawardena said.
Accordingly, the IDA has agreed to use US$ 60 million which is not yet bonded, for three projects for the programs targeted at COVID-19 affected social segments.
The three projects are Transport Connectivity and Asset Management Project, Ecosystem Conservation and Management Project and the Agro-irrigation development project adapting to climate change.
The IDA has agreed to provide a grant of US$ 5 million under the Transit Loan Facility and US$ 1.72 million under the Pandemic Emergency Financing Facility.
Accordingly, Cabinet approval has been granted for the proposal presented on June 3, 2020 by the Prime Minister in his capacity as the Minister of Finance, Economy and Policy Development to accept the above funds.
In addition, the International Development Association has agreed to provide an additional US $ 22.24 million under transition assistance loans, Minister Gunawardena said.
Accordingly, the Cabinet of ministers on June 24, 2020 has approved the proposal presented by the Prime Minister in his capacity as Finance, Economy and Policy Development Minister to increase the total amount of funds to be obtained up to USD 87.24 million and to use these funds for social security measures targeting the severely impacted sections of society due to Covid-19 outbreak.