EU pledges Euro 40 m for rural development | Sunday Observer

EU pledges Euro 40 m for rural development

Finance Ministry Secretary Dr. R. H. S. Samaratunge exchanging the agreement with a European Union representative.
Finance Ministry Secretary Dr. R. H. S. Samaratunge exchanging the agreement with a European Union representative.

The European Union (EU) will provide Rs, 7,932 million (Euro 40 million) to Sri Lanka for the implementation of Strengthening Transformation, Reconciliation and Inclusive Democratic Engagement (STRIDE) Project.

Finance Ministry Secretary Dr. R. H. S. Samaratunge signed the agreement on October 9 on behalf of the Government of Sri Lanka in the presence of European Union Ambassador to Sri Lanka and the Maldives Tung Lai Margue.

The project will be implemented in the Northern, Eastern, North Central and Uva Provinces with the indirect management of the World Bank (WB), UNDP and the British Council.

The EU will allocate Euro 22.5 million from its grant funds of the STRIDE Project to the ‘Performance Grant Scheme’ of the “Local Development Support Project” which is financed by the World Bank (USD 70 million). The Local Development Support Project aims to support development in war affected and lagging provinces, improve coordination in local service delivery and promote economic opportunities, inclusiveness and social cohesion.

The EU will provide Euro 10 million under the STRIDE Project for financing the capacity development of local authorities and communities to plan and manage performance grants initiatives.

Local mediation boards will be strengthened under the project focusing on effective judicial processes and improving the mediation mechanisms. The EU will provide Euro 7 million for financing the component.

Comments