Thursday, 27 May 2021 12:04

World Bank and EU assist lively hood of Covid hit SL farmers Featured

Sri Lanka’s agriculturaL sector is now being modernised by providing financial and technical assistance to small holder farmers with World Bank and European Union funding , Finance Ministry announced

The Ministry of Finance and the World Bank recently signed a new agreement to receive a grant from the European Union to support the Agriculture Sector Modernisation Project (ASMP).

This grant is part of the EU’s EUR 25 million support to the US$ 125 million project and will be administered by the World Bank.

This additional investment will help prepare Sri Lanka for COVID-19 recovery by contributing to export revenues and creating high quality jobs in agro-processing.

It will also help expand opportunities for inclusive livelihood support in rural areas, and providing essential food items.

Since its inception in 2016, the Agriculture Sector Modernisation Project has supported the Government of Sri Lanka’s efforts to increase agriculture productivity, boost the value addition of smallholder farmers and agribusinesses and to improve their access to markets.

The project also supports agricultural diversification and technology improvements. The project has so far benefited more than 48,000 smallholder farmers across the country and has created more than 1500 new jobs through investments in agribusiness organaations.

“Sri Lanka is blessed with an agricultural sector with deep historical roots, which will continue to underpin rural livelihoods and enable the country to rise to future challenges,” said Faris. H. Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka.

“Agriculture is important for Sri Lanka’s economy, and we continue to work with all our partners to promote inclusive and resilient growth, through increasing agricultural productivity, farmer incomes and creating jobs in the sector,”he added.

 

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