World Bank grants US$ 108 million to Sri Lanka for Infrastructure, education, and tourism development

 The World Bank Thursday approved support totaling US$ 108 million to Sri Lanka for three development projects in local infrastructure, higher education and tourism.

Out of the total US$50 million was for the North East Local Service Improvement Project while another US$40 million has been allocated for the Higher Education for the Twenty-First Century Project. The remaining US$18 million was reserved for the Sustainable Tourism Project.
Pointing out that it has been nearly a year since the three-decade long armed conflict ended, Naoko Ishii, World Bank Country Director for Sri Lanka, said the country is now in transition from a low-income country in conflict to middle-income country in peace.
"In many ways, these three projects aim at helping the country achieve this historic transformation ? by bringing infrastructure services to the north and east, by leveraging untapped tourism assets in the east, and by helping create a well educated and competitive workforce," Ms. Ishii elaborated.
In a press release issued yesterday the monetary body said the North East Local Services Improvement Project is "designed to augment resource transfers and building capacity of local authorities," so that they are well equipped to deliver much needed local services to the citizens in an accountable manner.
The World Bank pointed out that a large number of Sri Lanka's graduates are not employable in the private sector due to lack of competency in English knowledge and Information Technology skills.
The Higher Education for the Twenty-First Century Project aims to improve the employability of graduates by enhancing the economic and social relevance, and the quality, of higher education institutions.
The project will also support the development of higher education institutions in the conflict-affected north and east and make resources available for activities that support reconciliation and ethnic harmony between members of different ethnic and religious communities in the higher education institutions.
The World Bank says the potential for the tourism sector in Sri Lanka is largely untapped, especially in the Eastern Province and the Sustainable Tourism Project aims to facilitate environmentally and socially sound investments in the tourism sector, focusing particularly on the eastern part of the country.
The credits from the International Development Association (IDA), the World Bank?s concessionary lending arm, have 20 years to maturity with a 10-year grace period.