India, SL agree to boost grant assistance limit extended to implement higher-impact community development projects

Wednesday, 30 November 2022 00:26 - - {{hitsCtrl.values.hits}}

Sub-project funding increased from Rs. 300 m to Rs. 600 m, whilst total grant amount from Rs. 5 b to a maximum of Rs. 10 b
Priority given to provide infrastructure facilities for education, health, community development

India and Sri Lanka have agreed to increase the grant assistance limit extended by India to implement higher impact community development sub-project funding to Rs. 600 million, whilst increasing the total grant amount to a maximum of Rs. 10 billion.

The Cabinet of Ministers at its meeting on Monday approved the revision of the memorandum of understanding (MoU) signed between the two countries.

“Previously the cost of one sub-project implemented under the grant scheme was limited to only Rs. 300 million and was subject to a maximum of Rs. 5 billion of the value of the total number of projects implemented at any instance.

As per the new agreement, these amounts have now been increased. The cost of one sub-project will now be Rs. 600 million, while the total grant amount to a maximum of Rs. 10 billion,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.

The project for the Implementation of higher impact community development projects under Indian grant assistance has been implemented since the year 2005. Accordingly, an MoU has been signed concerning the periods 2005, 2010, 2015 and 2020.

Cabinet Co-Spokesman said the priority is given to providing infrastructure facilities in the sectors of education, health and community development under the project.

The proposal to this effect was tabled by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stability and National Policies were approved by the Cabinet of Ministers.