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The Government of Sri Lanka and the Asian Development Bank (ADB) entered into a Framework Financing Agreement on 14th August, 2017 with regard to the financial arrangements for the Second Integrated Road Investment Program.The investment program will improve the accessibility to the road network from rural areas and thereby increase the contribution of the rural population for economic and social development of the country.

The total estimated cost of the programme is USD 1084 million, out of which USD 900 million will be obtained in several tranches from ADB. The first tranche amounting to USD 150 million obtained in 22nd November, 2017 is being invested in the ongoing project activities and the subsequent tranches are planned to be obtained based on the financing requirements of the Program.

The Second Integrated Road Investment Program will upgrade and maintain 3400 km of rural access roads and 340 km of national roads in Northern, Eastern, Uva, and Western Provinces. In addition, improvement of capacity of road agencies with respect to safeguards, road safety, maintenance, research, road design and construction will be carried out under the program.

 

In this connection, Dr. R H S Samaratunga, Secretary of the Ministry of Finance entered into a loan agreement with ADB on behalf of the Government of Sri Lanka and Mr. Nihal Sooriyarachchi, Chairman of Road Development Authority entered into a Project Agreement with ADB on the 13th November, 2019, at the Ministry of Finance. Ms. Manjula Amerasinghe, Officer in Charge of ADB, Sri Lanka Resident Mission signed the two agreements on behalf of ADB.

Issued by the Department of External Resources on 13th November, 2019.

 

Rehabilitation of the A017 Road Corridor from Deniyaya to Rakwana is very important in the national road network improvement. This rehabilitation Project is phased out in two stages whereas Stage I from Suriyakanda to Rakwana (about 18 km) and Stage II from Deniyaya to Suriyakanda (35km). By way of the overall objective of first phase of the project providing access to Suriyakanda with improved transport infrastructure, as it is an important trade hub, with very limited connectivity. This road rehabilitation project will provide links to three 'A' class roads and to ten 'B' class roads by rehabilitating of 18.0 km of a critical section of Rakwana Deniyaya road connecting the Southern Province to the Sabaragamuwa Province. This will improve the road network connectivity, reduce vehicle operating costs, enhance highway capacity and level of service, thus promoting economic activity and contributing to the overall socio-economic development of the country.

In this context, the OFID has agreed to provide a loan of USD 40.0 million in support of the above project and the balance USD 11.75 million will be borne by the GOSL. The OFID is our long term development partner since its establishment in 1976 and has extended fourteen loans to Sri Lanka, of which two have been for balance of payments support and the others for projects.

Accordingly, the Loan Agreement has been signed today, 30th October 2019 at Vienna by Dr. R.H.S. Samaratunge, Secretary to the Ministry of Finance on behalf of the Government of Democratic Socialist Republic of Sri Lanka and H.E.Abdulhamid Al-Khalifa, Director General on behalf of the OPEC Fund for International Development.

Ministry of Finance

Colombo 01

Sri Lanka

On 1st November 2019

 

Two agreements were signed, on Thursday 10th October 2019, between the Government of Sri Lanka and Rabobank of the Netherlands amounting to EUR 70.7 million (Approximately Rs. 14.1 billion) for construction of rural bridges and Establishment of National Vocational Training Institute at Hingurakgoda, Polonnaruwa.

The financing agreement was signed by Secretary to the Ministry of Finance, Dr. R. H. S. Samaratunga and Director- Rabobank, Mr. Han Bartelds, in the presence of H.E the Ambassador of the Netherlands, Ms. Tanja Gonggrijp, at the Ministry of Finance.

Government has accorded high priority for connectivity improvement within the country with a view to providing full benefits from mainstream development activities in the country to the remote villages as well. ‘Construction of Rural Bridges Project’ aiming at connecting rural areas to the developed regions by constructing rural bridges have been initiated by the Government few years ago. A large number of lagging villages will be facilitated with transport facilities through this programme. The Ministry of Internal & Home Affairs and Provincial Councils & Local Government has identified around 200 rural bridges to be constructed with the concessional financial assistance of the Netherlands as a part of the above programme.

With the government’s recognition that provision of quality vocational education and training to the youth in order to create productive employment opportunities is very essential for the social and economic development of the country. One of the most priorities of the Government of Sri Lanka is to make competent people who will be participating in the national development of the country. In this regard the Government is willing to introduce knowledge mechanisms to provide required knowledge competencies

The Rabobank of the Netherlands will provide two Export Credit Facilities to cover 75% of the each contract cost. The Balance 25% of the each contract cost will be financed by two grants extended by the Development Related Infrastructure Investment Vehicle (DRIVE) of the Dutch Government.

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Issued by the Department of External Resources on 10th October 2019

 

The Government of Republic of Korea has agreed to provide a concessional loan of  USD 30 million (Approximately Rs.5,460 million) to establish National Center of e-Content Development for Computer Assisted Teaching in Sri Lanka. The objectives of the proposed project are to; Improve ICT teaching and learning environment for secondary education in Sri Lanka, enhance teachers’ ICT education capacity, and provide equal opportunity for education for every student including those living in rural areas.

The Project will be executed by the Ministry of Education (MOE). The MOE plans to expand ICT training facilities to provide education, using ICT technologies such as e-learning services and ICT training. In line with the plan, it is proposed to establish fully equipped National Contents Development Center (NCDC) in North Western Province and two Provincial ICT Education Centers (PICTEC) in Eastern and Southern Provinces. NCDC and each PICTEC will engage in developing e-learning contents and the content will be shared among teachers and students through e-Thaksalawa, and other trainings programs currently in operation.

In this context the Economic Development Cooperation Fund (EDCF) of the Export-Import Bank (Exim Bank) of Korea has agreed to provide a loan in Korean Won not exceeding the equivalent of US$ 30,099,000 to establish National Center of e-Content Development for Computer Assisted Teaching in Sri Lanka.

The interest rate per annum will be 0.15% with a repayment period of 40 years including a grace period of 10 years.

The signing of Loan Agreement pertaining to the above project took place today, at the Ministry of Finance. Loan Agreement was signed by Dr. R H S Samarathunga, Secretary, Ministry of Finance. The projects will be implemented by the Ministry of Education.

 

 Issued by the Department of External Resources on 5th November 2019

 

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.

 

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