ADB to fund development projects in Sri Lanka

ADB to fund development projects in Sri Lanka

ADB to fund development projects in Sri Lanka

Written by Tharushan Fernando

07 May, 2016 | 9:15 pm

The Asian Development Bank (ADB) has agreed to fund development projects in Sri Lanka. Sixty seven (67) nations attended the Asian Development Bank’s Finance Ministers Meeting held in Germany from May 2- 5.

Finance Minister Ravi Karunanayake represented Sri Lanka at the meeting.

Upon his return, the Minister said that aid, under concessionary interest rates, will be provided for the next three years.

Minister of Finance, Ravi Karunanayake stated that the ADB has promised to give a sum for a period of year, that is equivalent to what was given during the past six to seven years. The minister said:

And now there is the ability to obtain loans at an interest of 1.5 percent rather than reaching for an interest of 8 percent or 9 percent.

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