SL signs a USD 125 million credit with the World Bank

SL signs a USD 125 million credit with the World Bank

SL signs a USD 125 million credit with the World Bank

Written by Keshala Dias

18 Jan, 2017 | 5:46 pm

Sri Lanka has signed a USD 125 million credit with the World Bank to help the country modernise its agriculture sector.

The agreement was signed by the World Bank Country Director for Sri Lanka and the Maldives, Idah Pswarayi-Riddihough and Secretary to the Treasury R. H. S. Samaratunga,

The project is aimed at supporting value chain development to promote commercial and export-oriented agriculture, with focus on higher value agriculture products, such as fruits and vegetables.

It provides investments to improve productivity and diversify production patterns through modern agriculture technology demonstrations in key areas and supports new institutional arrangements through farmer organisations and farmer-agribusiness partnerships.

The project will be implemented through the Ministry of Primary Industries, the Ministry of Agriculture, and five participating Provinces: Northern, Eastern, Central, North-Central and Uva.

Beneficiaries include an estimated 30,000 smallholder farm households, who will benefit directly from a small matching grants program and agriculture technology demonstrations.

Another 20,000 farm households will be supported through technical and business training and through professional farmer organisations that will help them become more effective and business-oriented enterprises.

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