Cabinet approval has been given to enter into the relevant agreement concerning the World Bank-funded Financial Sector Safety Net Strengthening Project.
The government said at the Cabinet meeting held in April 2023, policy approval of the Cabinet was given for the implementation of the project to strengthen the safety net of the financial sector under World Bank funds.
The World Bank had agreed to provide a loan amount of US$ 150 million during the loan agreement negotiations held according to this approval.
As per the agreement, the loan will be given under the components of Capitalization of the Sri Lanka Deposit Insurance Scheme, Institutional Capacity Development of the Central Bank and Supervision of the implementation of that project.
Accordingly, the Cabinet approved the proposal presented by the President, in his capacity as the Minister of Finance, to enter into the respective agreements concerning the project. (NewsWire)