EU pledges Euro 40 million to Sri Lanka

45

The European Union (EU) has provided Euro 40 million for the implementation of Strengthening Transformation, Reconciliation and Inclusive Democratic Engagement (STRIDE) Project.

The agreement was signed between Finance Ministry Secretary Dr. R. H. S. Samaratunge and Ambassador to Sri Lanka and the Maldives for the Delegation of the European Union Tung Lai Margue.

The Finance Ministry said in a statement that 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.

“In partnering with the WB, 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).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,” it said.