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WB grants USD 500 mn loan to country
Chief Government Whip and Highways Minister Johnston Fernando yesterday said that a loan of USD 500mn had been granted to Sri Lanka by the World Bank.
The Minister said that the World Bank had appreciated Sri Lanka’s 100,000 km road development project under President Gotabaya Rajapaksa’s Vistas of Prosperity and Splendour programme and in recognition of the value of infrastructure development, the bank had granted USD 500 million to be used for the development of rural road network and related agricultural services.
The Highways Ministry’s integrated road development programme had been applauded by the WB as a mega infrastructure development project to improve connectivity between rural areas, small and medium towns, and socioeconomic hubs. It would increase access, thereby supporting inclusive rural development, and facilitating involvement of rural communities in national development. The programme was focused on upgrading and maintaining around 3000km of rural roads, the Minister said.