The Cabinet of Ministers has approved signing a Financial Grant Agreement between the Government and the European Union (EU) to secure pound 10 million funding to implement a four-year project, aimed at strengthening sustainable trade relations between Sri Lanka and the EU.
Addressing the weekly post-Cabinet media briefing, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the EU had agreed to support the initiative, which seeks to promote green transition initiatives and climate-resilient trade practices.
The project will also focus on strengthening trade-related institutional capacities and supporting Sri Lanka’s efforts to comply with international standards required to access the EU market.
‘The Trade, Commerce, Food Security and Cooperative Development Ministry is expected to implement the project over a period of four years,’ he added.
The proposal to this effect was submitted by President Anura Kumara Dissanayake, in his capacity as the Finance, Planning and Economic Development Minister.