Sri Lanka to get US$5bn from ADB up to 2022
ECONOMYNEXT – Manila-based Asian Development Bank has unveiled a financing plan that will provide up to 5.0 billion US dollars to Sri Lanka in the five year to 2022 in a bid help the country reach upper middle income status.
"In its new CPS, ADB aims to respond flexibly to the evolving demands of the government," Sri Widowati, ADB Country Director in Sri Lanka said.
"ADB will therefore continue to invest in programs and projects in sectors where it has strong operational experience while exploring new areas that will put the country further toward reaching upper middle income country status.
"In the process, ADB operations will also promote inclusiveness; strengthen environment, climate change, and disaster risk management; and promote gender equality."
The ADB said its 2018-2022 country partnership strategy (CPS) aims to diversify economic activities, boost productivity and improve inclusivity.
The financing will go to transport, energy, urban infrastructure (roads water, sewage), finance an economic corridor from Colombo to Trincomallee, and boost human capital.
This includes money for wind and solar energy.
ADB will help government efforts to strengthen the legal system, develop capital markets, and establish a credit guarantee institution for small and medium-sized enterprises. It will also help public-private partnerships.
To boost inclusivity, the funding will go to commercialize agriculture, improve rural infrastructure and service delivery and expand finance to boost small and medium enterprises.
Each year programs of 800 million dollars to a billion is earmarked. About 8 million dollars a year of technical assistance is planned. (Colombo/Aug25/2017)