Finance Minister leads delegation to Fiji for ADB annual meeting

Colombo (News 1st): Minister of Finance Mangala Samaraweera will lead the Sri Lankan delegation to the 52nd Annual Meeting of the Board of Governors of the Asian Development Bank to be held in Nadi, Fiji from May 2nd to 5th. Representatives of the ADB, representatives from international, non-governmental and observer countries and delegates from 67 member countries will attend this meeting. The press release issued by the Ministry of Finance further states that the ADB provides concessionary project loans to Sri Lanka annually amounting to approximately US$ 800 million. It adds that the ADB will provide US$ 815 million to Sri Lanka, for eight funding proposals for the year 2019. It further states that US$ 300 million will be allocated for the port access elevated highway project. Discussions on the railway efficiency improvement project, aimed at improving the railway signalling system and the age-old ticketing system in the country estimated to incur a cost of US$ 160 million, is due to be held in Colombo, during May this year. Meanwhile, the Daily Mirror reported today that the Sri Lanka Government plans to obtain a US$ 100 million interest-free loan facility from China Development Bank to expand the proposed port access elevated highway to Marine Drive through Colombo Port City.