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Sri Lanka: Public Sector Capacity Building Project

Thursday, 26 June 2008
Cabinet has granted approval to a memorandum submitted by President Mahinda Rajapaksa in his capacity as the Minister of Finance and Planning to enter into a financing agreement with the International Development Association (IDA) of the World Bank to borrow Special Drawing Rights (SDR) 13.8 million as per the terms for the implementation of the Public Sector Capacity Building Project. The loan negotiations have been concluded with the World Bank to obtain credit of SDR 13.8 million (approximately Rs.2.5 billion) form the International Development Association (IDA) for the Public Sector Capacity Building Project. The development objective of this project is to enhance the effectiveness, efficiency and productivity of the Development of Census and Statistics and the Department of the Auditor General. The IDA loan is interest-free but subject to a maximum Commitment Charge of one-half of one percent (1/2 of 1%) per annum payable on the un-withdrawn financina balance and a Service Charge of three-fourths of one percent (3/4 of 1%) per annum payable on the withdrawn credit balance. The credit is repayable in 20 years with a grace period 10 years. (Courtesy : Department of Information )
Last Updated ( Thursday, 26 June 2008 )

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