The Cabinet of Ministers has approved the signing of a Financial Grant Agreement between the Government of Sri Lanka and the European Union (EU) to secure €10 million in funding for a four-year project aimed at strengthening sustainable trade relations between Sri Lanka and the EU.
Speaking at the weekly post-Cabinet media briefing, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa stated that the EU had agreed to support the initiative, which focuses on promoting green transition initiatives and climate-resilient trade practices.
The project will also aim to strengthen institutional capacities related to trade activities and support Sri Lanka’s efforts to comply with international standards required to access the European Union market.
The Ministry of Trade, Commerce, Food Security and Cooperative Development is expected to implement the project over a period of four years.
The proposal was submitted by President Anura Kumara Dissanayake in his capacity as the Minister of Finance, Planning and Economic Development, and subsequently received Cabinet approval for the signing of the grant agreement.
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