EU grants to help SL’s development;agreements signed at Finance Ministry

EU grants to help SL’s development;agreements signed at Finance Ministry

EU grants to help SL’s development;agreements signed at Finance Ministry

Written by Staff Writer

16 Mar, 2016 | 9:35 pm

Agreements on the grants that will be provided to Sri Lanka for development purposes, were signed at the Ministry of Finance on Wednesday, March 16.

The agreements were signed between the European Commissioner for International Cooperation and Development Neven Mimica and Minister of Finance, Ravi Karunanayake.

European Commissioner for International Cooperation and Development, Neven Mimica stated that the Eurpopean Union has provided a total of 760 million Euros focussed on helping those regions and communities that were most affected by the war and the Tsunami.

Explaining further, he noted that a new country strategy for 2014 to 2020 has almost doubled their assistance to 210 million euros, and today they have signed the first two financing agreements for this period.

He added that the first agreement will support integrated rural agreement in the most vulnerable districts of the central and Uva provinces. Another eight million euros agreement is allocated to the trade related assistance

Minister of Finance, Ravi Karunanayake stated that they got to confront not only domestic internal tariff problems, but also external
turbulences that have come from the world economies.

He added that it is very difficult to accomplish the external factors since they require expertise. He went on to note that they look forward to all the assistance given on the GSP.

Furthermore, he added that they prefer trade rather than aid, and helping them have market access into the European Union with their assistance

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