Sri Lanka’s Finance Minister and ADB discuss ways to expedite projects funded by the ADB in the country

Sri Lanka’s Finance Minister and ADB discuss ways to expedite projects funded by the ADB in the country

Finance Minister of Sri Lanka, Mangala Samaraweera and officials of the Asian Development Bank (ADB) have discussed last week the need to accelerate ongoing bilateral projects, which currently surpass US$ 3.6 billion.
Minister Samaraweera has held a discussion with an Executive Director of the ADB, In-Chang Song on the sidelined of the 51st Annual meeting of the ADB in Manila last week.
Reports state that the ADB programme in Sri Lanka has provided loans, grants and technical assistance to grow the country’s economy and improve the lives of people, particularly the poor, women, children and other vulnerable groups.
The ADB has worked closely with Sri Lanka since 1966, signing loans, grants, and technical assistance totaling US$ 9.1 billion as of 31 December 2017.
The government of Sri Lanka is at present focused on inclusive growth, good governance, and private sector development.
According to reports, over the next five years, the ADB will contribute to the government of Sri Lanka’s key development goals of job creation, income enhancement, rural economic development, knowledge formation, and economic diversification (including export development).
Therefore, the Sri Lankan government, as well as the ADB, has agreed at the meeting to accelerate ongoing bilateral projects, which currently surpass US$ 3.6 billion.

OSL take:

The discussion between the Finance Minister of Sri Lanka and the ADB official on accelerating ongoing bilateral project amounting to US$ 3.6 billion indicates the level of support extended by the Bank towards Sri Lanka’s development agenda. The pledge by the ADB amounting to US$ 3.6 billion indicates the availability of funds for development programmes in Sri Lanka. Therefore, foreign businesses could explore the project pipeline in Sri Lanka and finds business opportunities in the island nation.

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Article Code : VBS/AT/09052018/Z_4

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