Colombo (News 1st): The International Development Association of the World Bank has agreed to provide a US$125 million credit for the Climate Smart Irrigated Agriculture Project, which will improve the resilience and productivity of agriculture for small farmers in Sri Lanka.

Hartwig Schafer, World Bank Vice President for the South Asia Region and Dr R.H.S.Samaratunga, Secretary, Ministry of Finance signed the agreements on behalf of the World Bank and the Government of Sri Lanka respectively.

The loan agreement was signed during the Spring Meetings of the World Bank and IMF, which are currently taking place in Washington DC until April 14th.

Finance Minister Mangala Samaraweera has taken wing to the US to take part in a meeting with the International Monetary Fund. He is expected to remain in Washington, US until April 18th.

In addition, the International Bank for Reconstruction and Development of the World Bank issued a grant of US$ 1.8 million for projects on minimizing the impact caused by climate change.