ADB grants loan to Sri Lanka’s Walkers Shipyard (Pvt) Ltd.

ADB grants loan to Sri Lanka’s Walkers Shipyard (Pvt) Ltd.

Sri Lanka’s Walkers Shipyard (Pvt) Ltd has reportedly said the company has inked a deal to get a US$ 4 million loan from the Manila-based Asian Development Bank (ADB).
The loan will be invested at its Colombo shipyard which will have a shiplift and transfer system to handle vessels of up to 70 metres in length and weighing up 1,250 tonnes.
“We have driven the diversification strategy of the Group over the past few years and this is one of the many initiatives underway that has come to fruition,” Jehan Amaratunga, Group Executive Deputy Chairman of MTD Walkers Plc, has said in a statement.
The proposed loan will be the first ADB non-sovereign infrastructure loan in Sri Lanka since 2000, Walkers MTD has stated.

OSL take:

The move by the ADB to grant a non-sovereign infrastructure loan to a Sri Lankan company after the year 2000 indicates a level of confidence of the international lending agency towards Sri Lanka’s economy and companies. The granting of this loan facility to Walkers Shipyard (Pvt) Ltd., has paved the path for other local ventures to also explore the possibility of receiving such assistance in business development.

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Article Code : VBS/AT/06122017/Z_7

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