$ 53 million IDA loan for IT development

Friday, 23 December 2011 02:00 - - {{hitsCtrl.values.hits}}

The Goverment has approved a US$ 53 million loan from the World Bank for the e-Sri Lanka development project, Cabinet Spokesman Minister Keheliya Rambukwella said yesterday.

Cabinet approval has already been granted to enter into a loan agreement with the International Development Association (lDA) of the World Bank to borrow US$ 53 million for the implementation of the project.

The World Bank has agreed to provide a further amount of US$ 11 million as additional financing for the development of this project and the proposal made by President in his capacity as the Minister of Finance and Planning, to conduct loan negotiations with IDA of the World Bank and enter into an arrangement for the purpose was approved by the Cabinet.

Details of the project and its timeline were not disclosed at the Cabinet briefing.