Additional funds from World Bank
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19/07/2008
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Daily Mirror (Sri Lanka)
The government is to borrow additional funds from the World Bank for several several development projects, a minister said.
Cabinet approved finance agreements with the IDA branch of the World Bank to get additional funding for the North East Housing Reconstruction Project (SDR 26.2 million), for the Road Sector Assistance Project (SDR 59.6 million) and for the Education Sector Development Project (SDR 6.1 million).
The North East Housing Reconstruction Project was implemented with a loan of SDR 51.1 million (approximately USD 75 million or Rs. 7.3 billion) from the World Bank in 2005 to rebuild 34,784 houses in 1,712 villages in the North and East. The project is expected to be completed in June 2009. Already, 22,444 houses have been reconstructed, and repairs are in progress on another 6.730 houses. Work on 5,610 houses mainly located in Jaffna, Kilinochchi, Mannar and Mullaitivu is yet to commence.
The Road Sector Assistance Project was implemented with a loan of SDR 69.1 million (USD 100 million or Rs.10 billion, approximately) from the World Bank in 2006 for the maintenance and rehabilitation of 620 km of national roads and 160 km of rural roads in the Southern, Uva and South Central Provinces. The project is expected to be completed in September 2011.
The Education Sector Development Project was implemented with a grant of SDR 41.5 million (USD 60 million or Rs. 6 billion, approximately) from the World Bank in 2006 with emphasis on the improvement of the educational opportunities of children in lagging regions of the country.
The project is expected to be completed in June 2011. The World Bank had agreed to provide a loan of SDR 6.1 million (USD 10 million or Rs 1.1 billion, approximately) as additional funds to expand the activities and scale up the impact and development effectiveness of the Education Sector Development Project.