SL requires funding of US$ 4.92 billion : ADB

Colombo (News 1st): According to the Asian Development Bank, Sri Lanka will require funding of US$ 4.92 billion, for transport and energy sector reforms under the ADB's South Asia Subregional Cooperation plan for 2016 to 2025. The proposed plan in Sri Lanka, for which financing sources are yet to be identified, maybe leveraged to promote it as an LPG transhipment and logistics hub for the region. It added Sri Lanka’s own power needs could be met by a power plant in Trincomalee using natural gas which would yield cheap and clean energy as well as the possibility of trading carbon credits. Two of the identified flagship initiatives under the ADB's Operational Vision involve trade in oil and gas, namely a pipeline corridor between Bangladesh and India for crude oil supply, and Sri Lanka as LPG transhipment and storage hub. The South Asia Subregional Economic Cooperation (SASEC) Program brings together Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal, and Sri Lanka in a project-based partnership that aims to promote regional prosperity. Country-wise, Bangladesh has the largest funding requirement of $25.44 billion for 40 projects mostly in transport, followed by Bhutan at $14.59 billion. India’s funding requirements for transport and energy is slightly higher than Sri Lanka, at $4.95 billion.