Govt. signs $ 203 m loan with ADB, JFPR for food security and livelihood recovery

Saturday, 10 September 2022 00:25 - - {{hitsCtrl.values.hits}}

The Asian Development Bank (ADB) and the Government yesterday signed loan agreements for $ 200 million to finance the implementation of Food Security and Livelihood Recovery Emergency Assistance Project.

The project aims to ensure access to food and protect livelihoods of the poor and vulnerable, especially women and children. The loan of $ 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 $ 3 million through ADB to finance the project activities.

The relevant Loan Agreement for the Food Security and Livelihood Recovery Emergency Assistance Project, amounting to $ 200 million and the Grant Agreement amounting to $ 3 million were signed by Finance, Economic Stabilisation and National Policies Ministry Secretary K.M. Mahinda Siriwardana, and ADB County Director Chen Chen yesterday on behalf of the Government of Sri Lanka and ADB respectively.

The total project cost is estimated as $ 203.36 million, out of which $ 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 29 February 2024.

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