UN agency, International Fund for Agricultural Development (IFAD) is lending Sri Lanka $25 million to develop its agriculture sector. A loan for this purpose was signed in Rome this week between Ambassador Hemantha Warnakulasuriya, on behalf of the Sri Lankan government and Kanayo Nwanze, IFAD President.
At the signing of the agreement |
The loan, at concessional payment terms, will contribute to the government's medium-term (2010-2016) investment plan in the agriculture sector, estimated at US $ 1.02 billion, according to a government statement.
It will assist poor rural farmers to form companies, to own shares in processing centres, and to ultimately get an income from business contracts with private companies and community-based organizations.
"The loan has come at an opportune time when Sri Lanka is embarking with renewed vigour on development strategies and programmes to eradicate poverty and build a peaceful and prosperous society, after eradicating three decades of terrorism in the country," Mr Warnakulasuriya said. |
E-mail
