The Ministry of Finance and the World Bank recently signed a new grant from the European Union to support the Agriculture Sector Modernization Project (ASMP). This grant is part of the EU’s EUR 25 million support to the US$ 125 million project and will be administered by the World Bank.
This additional investment will help prepare Sri Lanka for COVID-19 recovery by contributing to export revenues and creating high quality jobs in agro-processing.
It will also help expand opportunities for inclusive livelihood support in rural areas, and providing essential food items.
The current World Bank portfolio in Sri Lanka consists of 19 ongoing projects, with a total commitment value of US$ 2.33 billion in a variety of sectors including transport, urban, agriculture, water, education, and health.
The EU has provided over EUR 1 billion in grants so far to Sri Lanka to support and accompany local efforts for recovery and reform processes in a wide range of areas including poverty reduction, democratic governance, local development, agriculture, water or health.