Government signs loan agreement with AfDB and Japan Food Security Project Fund

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An agreement for the $200 million Emergency Food Security and Livelihood Recovery Project and the $3 million grant agreement were signed today today.

The President’s Media Division (PMD) said that the Sri Lankan government is planning to borrow $200 million from the Asian Development Bank (AfDB) to finance the implementation of the emergency aid project for the food security and livelihood restoration, which should ensure access to food and protect the livelihoods of the poor and vulnerable, especially women and children.

The $200 million loan will be provided from the AfDB’s ordinary capital resources.

In addition, the Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR) will provide a grant of US$03 million through the AfDB to finance the project activities.

The PMD said the total cost of the project is estimated at $203.36 million, 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 agricultural and agrarian development to improve the selection, verification, monitoring and reporting of cash grant recipients, and improve financial, advisory and other services for low-income families and farmers. .

The PMD further stated that the project is expected to be completed by February 29, 2024.

The corresponding loan agreement was signed today by KM Mahinda Siriwardana, Secretary of the Ministry of Finance, Economic Stabilization and National Policies, and Chen Chen, National Director of the ADB Resident Mission, on behalf of the government. Sri Lanka and AfDB respectively. (NewsWire)


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