Govt signs agreement with ADB for USD 200M

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An agreement for the Food Security and Livelihood Recovery Emergency Assistance Project amounting to USD 200 million and grant agreement amounting to USD 3 million was signed on Friday (9).

The Government is planning to borrow USD 200 million from the Asian Development Bank (ADB) to finance the aid project which is expected to ensure access to food and protect livelihoods of the poor and vulnerable, especially women and children, the President’s Media Division said.

The loan will be provided by ADB’s Ordinary Capital Resources. 

In addition, Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR) will provide a grant of USD 3 million through ADB to finance project activities. 

The total project cost is estimated at USD 203.36 million, out of which USD 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 programme and agriculture 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.

The relevant loan agreement was signed by K.M. Mahinda Siriwardana, Secretary, Ministry of Finance, Economic Stabilization and National Policies, and Chen Chen, Country Director, ADB Resident Mission, today on behalf of the Government of Sri Lanka and ADB respectively.