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| Friday, 25 April 2003 |
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ADB to implement SREAP proposals this year By Chamitha Kuruppu The Asian Development Bank (ADB) will implement the proposals and estimates of the Southern Regional Economic Advancement Project (SREAP) within this year. The project partly funded by the ADB which costs nearly US $ 36 million was launched early this year to boost economic activities in Galle, Matara and Hambantota districts. Though the five year project was in operation from January the ADB along with the support of Ministry of Local Government, Southern Provincial Council and Pradeshiya Sabas have been studying and identifying the areas that need to be developed. Implementation of proposals and estimates worked out by the consultant groups will commence within this year, said Project Specialist of the ADB Dr. Amarasena Gamaththige. The ADB is funding 70% of the project and the government of Sri Lanka will pocket out 18% of the total cost while the remaining is funded by the participatory financial institutions. The project is classified into three main components. The first component which cost US $ 15 million will promote Small and Medium Scale Enterprises (SMEs)in the Southern region, Dr. Gamanththige said. The National Development Bank is making arrangements to provide consultation facilities for SMEs in the fields of agriculture and non agriculture related activities. A group of consultants specialised in business promotion activities have identified potential entrepreneurs who have not been involved in trade related activities at present. The consultant team is preparing a project proposal on business related activities specially in the areas of plantaion, traditional agriculture, modernised tea, non traditional exports such as food processing, Dr. Gamanththige said. The third component of the project worth US $ 9 million will improve and maintain rural markets. |
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