World Bank Funds $125mn for Sustainable Tourism Development and to Build Capacity in Sri Lanka

08th November 2010, www.island.lk

"This project is intended to augment resource transfers and building capacity of local authorities, so that they are well equipped to deliver much needed local services to the citizens in a accountable manner," the World Bank said.

US$ 18 million would fund the Sustainable Tourism Development Project which aims to facilitate environmentally and socially sound investments in the tourism sector, focusing particularly on the East. The project would also develop capacity in the sector’s institutional structure so as to improve efficiency in service delivery.

"The Eastern Province of Sri Lanka has enormous tourism potential," said Michael Wong, World Bank Private Sr. Sector Development Specialist and project Task Team Leader. "This project will help to expand economic opportunities in the East, making the tourism sector more competitive and inclusive while maintaining Sri Lanka’s heritage and ecological environment."

The concessionary loans have a 20-year maturity period with a 10-year grace period.