Written by Keshala Dias
06 Jul, 2017 | 10:05 pm
The Asian Development Bank (ADB) has doubled its multi sectoral assistance to Sri Lanka as a result of the merger of its two main windows of financing.
Accordingly, plans are afoot to mobilise around USD 800 to 1,000 million annually from 2017.
During a meeting with the Minister of Finance, Mangala Samaraweera and Country Director of the Sri Lanka Residence Mission of the ADB Sri Widowati, reiterated ADB’s commitment to partner with the government in developing Sri Lanka.
Currently, the ADB provides around USD 400 to 500 million in annual assistance for road development projects, enhancement of sanitation facilities, fisheries sector development, irrigation sector development as well as skills and educational sector development projects.
According to the Government Information Department, all loan facilities by the ADB come with a five-year grace period.
There are 24 ongoing projects implemented throughout the country with ADB funding.
The Information Department notes that 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.
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