ADB doubles aid to Sri Lanka to US$1bn
Jul 07, 2017 12:23 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - The Asian Development Bank has doubled its assistance to Sri Lanka, aiming to give up to a billion US dollars annually from 2017 with the government proposing railways, ports and roads as potential sectors to be developed.
A finance ministry statement said that currently, the ADB provides around USD 400 to 500 million in annual assistance for road development, sanitation, fisheries, irrigation and skills and educational sector development projects.
All loan facilities by the ADB come with a five-year grace period, said the statement, issued after a meeting between Sri Widowati, Country Director of Sri Lanka Residence Mission of the ADB and Minister of Finance and Mass Media Mangala Samaraweera.
They also discussed the new country partnership strategy for Sri Lanka for the 2018-2022 period.
There are 24 ongoing projects implemented throughout the country with ADB funding.
“With the proposal to double the ADB’s assistance to Sri Lanka, the Government has earmarked railways, ports and road development as potential sectors to be developed and have already commenced feasibility studies in those respective sectors,” the statement said.
(COLOMBO, July 07, 2017)