ADB assures support for SMEs in Sri Lanka

ADB assures support for SMEs in Sri Lanka

ADB assures support for SMEs in Sri Lanka

Written by Zulfick Farzan

06 Oct, 2021 | 10:07 am

COLOMBO (News 1st); The Asian Development Bank (ADB) Director-General for South Asia Department Kenichi Yokoyama assured President Gotabaya Rajapaksa that the ADB will support the promotion of Small and Medium Scale Enterprises (SMEs).

The Asian Development Bank (ADB) provided a $ 750 million concessional loan last year for projects in Sri Lanka.

At a meeting with the President on Tuesday (5), Yokoyama said that the ADB will take steps to increase that amount to $ 1 billion next year.

Yokoyama further noted that the success of the COVID-19 vaccination drive demonstrates Sri Lanka’s ability to overcome challenges.

The President pointed out that the entire public service and the health and security sectors had worked together to make the vaccination programme and the COVID eradication process a success.

The government’s objective is to reduce the use of fossil fuels and move towards the use of renewable energy sources, noted the President’s Media Division adding that a number of solar and wind power generation projects have been planned for this purpose.

The government has also taken a policy decision to use organic fertilizer, the PMD added.

The President also requested for Yokoyama’s intervention to provide technical assistance for the production of organic fertilizer and nitrogen extraction.

The Government’s aim is to uplift the income and living standards of those who make up 90% of the rural population that are engaged in agriculture.

The President also pointed out the need to increase the forest cover through economically viable cultivations and sought the assistance of the Asian Development Bank.

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