Sri Lanka to borrow USD 200 million from ADB
Source : bizenglish,adaderana
USD 203 Million Financial Assistance from the Asian Development Bank and Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR) for Implementation of the Food Security and Livelihood Recovery Emergency Assistance Project
The Government of Sri Lanka is planning to borrow USD 200 million from the Asian Development Bank (ADB) to finance the implementation of Food Security and Livelihood Recovery Emergency Assistance Project which is expected to ensure access to food and protect livelihoods of the poor and vulnerable, especially women and children.
The loan of USD 200 million will be provided from ADB’s Ordinary Capital Resources. In addition, Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR) will provide a grant of USD 03 million through ADB to finance the project activities. The total project cost is estimated as USD 203.36 million, out of which USD 0.36 million has been agreed to be borne by the Government.
The project will also upgrade information technology systems and digital tools for the Samurdhi program and agriculture and agrarian development to enhance cash grant beneficiary selection, verification, monitoring, and communication, and improve financial, advisory, and other services for low-income families and farmers. The project is scheduled to be completed by 29th February, 2024.
The relevant Loan Agreement for the Food Security and Livelihood Recovery Emergency Assistance Project, amounting to USD 200 million and the Grant Agreement amounting to USD 3 million were signed by Mr. K M Mahinda Siriwardana, Secretary, Ministry of Finance, Economic Stabilization and National Policies and Mr. Chen Chen, Country Director, ADB Resident Mission, on 09th September, 2022 on behalf of the Government of Sri Lanka and ADB respectively.