Opportunity Sri Lanka | » ADB pledges support for new projects in Sri Lanka for next 5 years
ADB pledges support for new projects in Sri Lanka for next 5 years

ADB pledges support for new projects in Sri Lanka for next 5 years

Daily FT: The members of the Board of Governors of the Asian Development Bank (ADB) engaged in extensive deliberations with Prime Minister Dinesh Gunawardena regarding Sri Lanka’s financial requirements for projects for the next 5 years at Temple Trees recently.
Acknowledging Sri Lanka’s commendable and swift economic recovery following last year’s crisis, the ADB delegates expressed their contentment and commitment to supporting the country’s visionary projects.
The members of the Board have emphasized a positive response towards proposed initiatives focusing on digitalization and information technology, enhancement of public transportation, human resource development and education, water management and the promotion of small and medium enterprises (SMEs). They also praised the efforts of the Government to provide social security support to vulnerable groups in the society.
Prime Minister Gunawardena, expressing gratitude for the ADB’s unwavering support, outlined the ambitious goals set forth by the Government to further boost the country’s socio-economic landscape.
He underscored the critical role the proposed projects would play in achieving sustainable development and ensuring a brighter future for the people of Sri Lanka.
The Prime Minister urged the regional funding agency to initiate new projects in areas such as renewable energy, digitalization and public transport systems, especially the railways.
ADB Team Leader Executive Director Chantale Wong and Executive Director (Sri Lanka) Sangmin Ryu briefed the Prime Minister about the ADB’s mid-term and long-term projects for economic progress and infrastructure development.
The ongoing projects cover areas such as strengthening public financial management and governance, fostering private sector development and improving access to public services and deepening inclusion, social protection, equitable access, health, climate, and agriculture modernization.
ADB Country Director Takafumi Kadono said that ADB Governing Board Members would study the progress of projects and inquire into the areas of future projects during the visit. The delegation will also visit project sites to see the progress.
ADB delegation comprised Executive Directors Wan Farisan Bin Wan Sulaiman, Charlotte Justine Diokno-Sicat, Shigeo Shimizu, Alternate Executive Directors David Cavanough, Xia Lyu, Alberto Cerdan and Nim Dorji and Secretariat Administrator, Marie Rose B. Alvero. Minister Roshan Ranasinghe, Secretary to the Prime Minister Anura Dissanayake, Private Secretary C Kuruppu and Media Advisor Sugeeswara Senadhira were present on this occasion.

OSL take:

Sri Lanka’s ongoing economic activities as well as economic resilience to challenging conditions faced by the country during the past few years have boosted confidence among foreign businesses, investors as well as multilateral donors. It is this reason that has pushed multilateral financial institutions to allocate funds for development projects in Sri Lanka covering key economic sectors. Sri Lanka’s development programmed has presented a host of new business/investment opportunities. The funds pledged by multilateral financial institutions towards most of these projects are encouraging signs for foreign businesses to explore business opportunities in Sri Lanka’s development programmed. The scope of these development programmers is likely to see further expansions with Sri Lanka working towards becoming an emerging business destination in the South Asian region. Given the growing business potential in Sri Lanka, foreign businesses/investors could explore the expanding business opportunities in the country.

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Article Code : VBS/AT/20231023/Z_2

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