(MENAFN- Colombo Gazette)
By Easwaran Rutnam
Sri Lanka is to sign a new agreement with India for financial assistance.
Cabinet co-spokesman Dr. Ramesh Pathirana said that cabinet has given its approval to sign the agreement.
Addressing reporters today at a post-cabinet press conference, Dr. Ramesh Pathirana said that the Government of India has awarded financial grants to Sri Lanka since the year 2005 with a view to implement small scale development projects with the objective of strengthening the bilateral relationship and development corporation between the two countries.
A number of projects pertaining to the development of infrastructure facilities in the fields of Education, Health and Community Development have been implemented across the state institutions, local government institutions as well as non - governmental organizations.
The Government of India has given their consent to award the same financial corporation to the Government of Sri Lanka with a view to implement community - based development projects with higher benefits for the next five (05) years from 2020'2025 under the project.
Accordingly, the Cabinet of Ministers have given their consent to a proposal submitted by Prime Minister Mahinda Rajapaksa as the Minister of Finance for entering into a new Memorandum of Understanding with the Government of India. (Colombo Gazette)
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