The Cabinet of Ministers has approved a proposal to obtain a EUR 10 million grant from the European Union (EU) to implement a project aimed at promoting sustainable trade between Sri Lanka and the EU.
According to the Cabinet decision, the European Union has agreed to support the project, which seeks to strengthen sustainable trade relations by promoting green transition initiatives and climate-resilient trade practices.
The project also aims to improve institutional capacities related to trade and support Sri Lanka in meeting international standards required to access the European Union market.
The Ministry of Trade, Commerce, Food Security and Cooperative Development is expected to implement the project over a period of four years.
Accordingly, the Cabinet has approved the proposal submitted by President Anura Kumara Dissanayake, in his capacity as Minister of Finance, Planning and Economic Development, to sign a financial grant agreement between the Government of Sri Lanka and the European Union to secure the EUR 10 million grant. (Newswire)