Asian Development Bank to assist massive transport sector development project in Sri Lanka
The Asian Development Bank (ADB) has reportedly embarked on a massive transport sector development project covering, road, railway and port sectors in Sri Lanka with the aim of moving the local transport and logistics sector into the future.
The state owned English daily has reported that the ADB has come forward as the main funding agency for the successful implementation of the Integrated Road Investment programme or iRoad, in order to construct and upgrade the road network in rural areas enabling the rural population can be conveniently involved in the nationwide economic and social development.
The iRoad programme, which is set up to run from 2014-2027, will include eight projects covering nine provinces, reports state.
Accordingly, the pilot phase of the iRoad programme commenced in 2015 in Southern Province covering Galle, Matara and Hambantota districts.
Total funding provided under the iRoad 1 programme amounts to US$ 800 million followed by further funding of US$ 900 million under the iRoad 2 programme, the local media report stated.
The project is implemented by the Road Development Authority (RDA) under the executing authority of Sri Lanka’s Ministry of Highways and Road Development and Petroleum Resources Development.
ADB Country Director in Sri Lanka, Sri Widowati has reportedly said the transport sector development is critical to achieve set social, economic targets in the country.
Furthermore, she has noted that the iRoad project will have a massive socio economic impact on the rural communities, uplifting their day to day life, enhancing their committed valuable contribution to the development of Sri Lanka.
“The project will have improved connectivity between rural communities and socioeconomic centres in Sri Lanka. In addition, improved road connectivity is seen to result in more employment opportunities and better prices for farmers’ produce better school and healthcare facilities, improved health indicators, better school enrolment in rural areas. In addition to this, ADB is also planning on developing Sri Lanka’s railway and the port sector,” the Country Director has said.
OSL take:
The ADB has been a long-term partner in development of Sri Lanka since 1966 and the iRoad programme is yet another indication of the continuing strong partnership between Sri Lanka and the ADB. The massive project involving Sri Lanka’s transport sector has created many business/investment opportunities in the country’s transport and infrastructure development sectors. Along with the development of roads and railways comes the need for the development for supplementary infrastructure facilities including the development of townships. Therefore, foreign businesses/investors could explore the opportunities in and around the iRoad development programme funded by the ADB.
| Article Code : | VBS/AT/11072019/Z_6 |