The IDA of the World Bank will reportedly provide Sri Lanka with US$ 75 million (approximately Rs. 11,400 million) in funds for the implementation of a ‘Financial Sector Modernisation Project.’ This project is intended to modernise the financial market infrastructure, upgrade legal and regulatory frameworks of the financial system, and strengthen the institutional capacity of financial sector regulators. The financing agreement of the project was signed by Secretary of the Ministry of Finance and Mass Media Dr. R. H. S. Samarathunga and World Bank Country Director for Sri Lanka and the Maldives Dr. Idah Pswarayi-Riddihough.