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| Sunday, 9 February 2003 |
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US$ 15m assistance from World Bank The International Development Association (IDA) of the World Bank has agreed to provide US$ 15 million (Rs. 1440 million) for the Economic Reform Technical Assistance Project. These funds will be utilised to enhance Government capacity in infrastructure and financial sector reforms, strategic communication and economic regulation. The project will help strengthen the capacity of the key ministries involved in the Government's reform activities, addressing the needs of building the reform constituency and establishing a two-way channel of communication between the reformers and people. This will be accomplished through a mass communication strategy. US$ 1.5 million out of the funds will be used to strengthen Government capacity, US$ 3 million for consultancy services and technical assistance, US$ 1.5 million for a mass communication strategy and the balance US$ 9 million will be kept as a Challenge Fund for the utilisation of other areas for which support is required. Under the Challenge Fund, resources can be allocated to sub projects of relevant line ministries and government entities, involved in the economic reform process. The Ministry of Economic Reform, Science and Technology will be the implementing agency of this program. There will not be any interest charge for the loan, but a service charge of 0.75 per cent per annum is payable. The commitment charge on the principal amount of the loan not withdrawn from time to time is payable at a rate to be determined by the IDA. The loan is repayable in 30 years after a grace period of 10 years. |
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