Sri Lankan government signs US$ 100 million loan agreement with ADB as additional funding to enhance productivity
The Sri Lankan government and the Asian Development Bank (ADB) have signed a US$ 100 million loan agreement as additional financing to develop skills to meet labour demands, support economic diversification, and enhance productivity in the country, reports state.
According to reports, the loan will be complemented by a US$ 3 million grant from the Japan Fund for Poverty Reduction to strengthen private sector engagement and women’s participation in technical and vocational education and training as well as in employment in Sri Lanka.
The Finance Ministry of Sri Lanka stated that ADB Country Director Sri Widowati and Finance and Mass Media Ministry Secretary Dr. R. H. S. Samaratunga signed the agreement. Economic and Development Cooperation Section Second Secretary of the Japanese Embassy in Sri Lanka, Kuniyoshi Ito was also present at the occasion.
OSL take:
The additional financing received by the Sri Lankan government from the ADB to support economic diversification and skills development to meet labour demands would result in the overall development of the country’s economy making it a more attractive destination to do business for foreign businesses/investors.
| Article Code : | VBS/AT/21052018/Z_2 |