Press briefing of Cabinet Decision taken on 2023-07-17

Promoting Circular Economy in the Food Sector (PCEFS) Project, proposed to be financed under the European Union Grant Assistance

- A grant of Euro 60 million has been allocated for the period of 2021-2024 by the "Multi- Annual Indicative Programme 2021-2027 for Sri Lanka" which has been published under the European Union's country strategy for Sri Lanka. It has been proposed to implement a project called "Promoting Circular Economy in the Food Sector" using Euro 15 million from that grant. Promoting the circular economy of the food sector by increasing resilience to food crises and climate change has been identified as the primary objective of the proposed project. The project will support the adoption of efficient food distribution channels/mechanisms, to take action to improve food security for vulnerable people by minimizing food wastage, and to convert food waste into farming inputs such as organic fertilizer and animal feed. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to enter into a Grant Agreement with the European Union for the implementation of the proposed project, was approved by the Cabinet.