$ 310 m from ADB and WB for education and climate change
Friday, 14 February 2014 00:57
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Cabinet nod was given yesterday to gain financial assistance from the Asian Development Bank and World Bank for $ 310 million.
The ADB project will be for a skills enhancement program that aims to establish labour supply local and internationally by 2020. The program will develop skills, abilities, and competencies of youth to meet the demand of the global economy and support the country’s transition to a knowledge based economy, the Cabinet paper said.
The ADB will provide $ 200 million for this purpose and approval was given to a Cabinet paper submitted by President Mahinda Rajapaksa as the Finance Minister.
The World Bank project is supporting climate change combating initiatives. The International Development Association of the World Bank will provide $ 110 million for a comprehensive program to improve climate resilience.
“Sri Lanka is a country with great exposure to risks of multi hazards and as such the Government has taken significant steps towards strengthening the legislative and institutional arrangement for disaster risk management while investing to a great extent on emergency preparedness and response capacity as priority is given for climate change in the country’s development agenda,” the Cabinet paper said.
