Wednesday Aug 12, 2026
Wednesday Aug 12, 2026
Wednesday, 12 August 2026 06:03 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers has approved to enter into the necessary financial agreements to secure $ 100 million facility from the International Development Association (IDA) of the World Bank Group to support regional development in the Northern and Eastern provinces.
The funding is part of a broader $ 1 billion financial assistance package expected to be provided by the IDA to Sri Lanka during the 2026–2031 period. Of this allocation, $ 100 million has been earmarked for the Northern and Eastern Provinces Integrated Regional Development Project.
The Cabinet approved the move following the conclusion of negotiations between the Government of Sri Lanka and the World Bank Group for the relevant credit facility. The negotiations were conducted subsequent to Cabinet approval granted on 9 February 2026.
The project is designed to promote sustainable economic development across the Northern and Eastern provinces by strengthening sectors with economic potential and supporting micro, small and medium-scale enterprises (MSMEs).
According to the Government, the initiative will also focus on expanding economic opportunities, improving regional connectivity and livelihoods, accelerating regional economic growth and enhancing the competitiveness of the two provinces.
The proposal to this effect was submitted by President Anura Kumara Dissanayake in his capacity as the Finance, Planning and Economic Development Minister.
