Sri Lanka gets US150mn from ADB for rural roads
ECONOMYNEXT – Sri Lanka has is getting 150 million US dollars from the Asian Development Bank as part of an overall program to upgrade 3,400 kilometres of rural roads and 340 kilometres of national roads and build capacity to manage the island’s road network.
“The program will also improve the capacity of the country’s road agencies for road safety, maintenance, research, design, and construction,” the ADB said in a statement.
Second Integrated Road Investment Program which is due for completion in 2027, will provide funds five tranches till 2021. In the 150 million dollar second tranche Sri Lanka’s government will provide 21.80 million dollars.
The loan agreement was signed by R HS Samaratunga, Secretary to the Treasury, Ministry of Finance, Manjula Amerasinghe, Officer-in-Charge, ADB Sri Lanka Resident Mission signed on behalf of ADB.
A Project Agreement was also signed between ADB and Nihal Sooriyarachchi, Chairman, Road Development Authority, the project’s implementing agency. (Colombo/Nov14/2019)