Sri Lanka continues to receive Asian Development Bank assistance - Opportunity Sri Lanka
Sri Lanka continues to receive Asian Development Bank assistance

Sri Lanka continues to receive Asian Development Bank assistance

The Asian Development Bank (ADB) has approved a US$ 3 million (over Rs. 500 million) grant from its Asia Pacific Disaster Response Fund (APDRF) to further assist Sri Lanka in its response to the COVID-19 pandemic.
According to reports, the grant, which is financed by the Government of Japan and was approved on 2 June, will fund the purchase of test kits, diagnostic reagents, personal protective equipment, and other essential medical supplies.
“ADB is strongly committed in supporting Sri Lanka at this crucial time. This grant will help the Government continue its detection and containment measures in hospitals designated for treating COVID-19 patients,” ADB Country Director for Sri Lanka Chen Chen has been quoted as saying.
“The COVID-19 pandemic continues to be a serious public health issue and will significantly impact not only Sri Lanka’s overall social well-being but also its economic development if not contained, managed, and treated in an effective and timely manner.”
In addition to this APDRF grant, ADB has supported Sri Lanka through a US$ 1 million regional technical assistance grant and support to the private sector to purchase emergency medical supplies and complement the country’s efforts in containing the spread of COVID-19.
“We are grateful to the Asian Development Bank for stepping in at a timely manner to provide assistance to Sri Lanka to meet the immediate expenses necessary in managing this COVID-19 emergency. This grant assistance will help provide life-saving services to the affected population,” Sri Lanka’s Treasury and Ministry of Finance, Economy, and Policy Development Secretary S.R. Attygalle has said.

OSL take:

Sri Lanka and China enjoy strong bilateral and trade ties that have further strengthened during the Covid 19 outbreak. China is one of Sri Lanka’s leading development partners playing a key role in the island’s development programme. Also, Sri Lanka’s geographical positioning in the Indian Ocean has placed the country in a prominent position in China’s Belt and Road Initiative. Sri Lanka therefore enjoys preferential treatment when dealing with China. Chinese businesses/investors could therefore explore business/investment opportunities in Sri Lanka with confidence. In addition, foreign businesses interested in doing business with China could look at setting up base in Sri Lanka to engage with China.

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Article Code : VBS/AT/20200618/5

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