Sri Lanka signs up US$107mn road building loan with ADB
COLOMBO (EconomyNext) – Sri Lanka has inked a deal to borrow 107 million US dollars to build rural roads as part of an 800 million US dollar package, the Asian Development Bank said.
"Providing all-weather road access will help link rural communities to socio-economic centres in Sri Lanka, thereby enabling rural communities to reap and enjoy the fruit of economic growth," Sri Widowati, ADB’s Country Director in Sri Lanka said in a statement.
The loan is the second tranche of an Integrated Road Investment Program (iRoad), and will be used in the Sabaragamuwa, Central, North Central and North Western provinces and Kalutara district in the Western Province.
ADB said the project will improve rural roads which were in poor condition helping cut down transport costs and time, helping farmers bring produce to market quicker and improving access to health and services or travel time to work for others.