- World Bank approves US$160 million for roads and education in Sri Lanka

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World Bank approves US$160 million for roads and education in Sri Lanka

Monday, 16 March 2009

The World Bank (WB) approved a US$160 million package of assistance to Sri Lanka to develop the country's national road network and to support the education system yesterday.

According to a press release issued by the World Bank, the assistance package from the International Development Association (IDA), the lending arm of the WB, will provide a US$100 million credit to finance development of the national road network, and a US$60 million grant to support the education system.

The Road Sector Assistance Project will help improve 620 km of national roads and lower transportation cost by ensuring an efficient national road system that serves the needs of all Sri Lankans, WB sources said.

The Road Sector Assistance credit from the International Development Association (IDA), the World Bank’s concessionary arm, has 40 years to maturity with a 10-year grace period; it carries a service charge of 0.75 percent.

The Education Sector Operation will directly support the education budget of the country aiming to promote equitable access to basic education and strengthen the quality of the education system among other goals.

Courtesy: News.lk

Last Updated ( Tuesday, 17 March 2009 )