Global lending giant focused to reduce poverty in Asia and Pacific via lending, – Asian Development Bank (ADB) on yesterday echoed support and commitment towards Sri Lanka’s continued development drive to achieve inclusive growth, by further announcing a fund of US $ 3 billion over the next three years, till 2021.
“From 2019 to 2021, our commitments will total US $ 3 billion, where we plan to disburse US $ 1 billion each year for development of ports, railways, roads, secondary and higher education, electricity transmission and distribution, fisheries, irrigation, wastewater management, drinking water, sanitation and support Small and Medium Enterprise (SME) projects in Sri Lanka,” ADB Vice President Wencai Zhang said.
The funds are allocated as part of ADB’s renewed long-term corporate blueprint ‘Strategy 2030’ for a slew of projects including infrastructure, energy, health, fisheries and education. Upon completing a three-day visit to Sri Lanka, ADB Vice President Wencai Zhang had said that ADB would further strengthen its country-based approach to Sri Lanka. Accordingly ADB expects to sign a total of US $ 1 billion to finance nine projects during this year which include rooftop solar energy, a Mahaweli water security investment program, SME line for credit (additional financing), skill sector enhancement program, health system enhancing, elevated highway, urban project –preparatory facility, a fisheries development, science and technology and human resource development project.
As at 31 July 2018, ADB’s active project portfolio in Sri Lanka stands at 35 projects with a net loan of US $ 3.9 billion. ADB Vice President Wencai Zhang had told reporters that the country operations business plan (COBP) 2019-2021 is consistent with the strategic priorities of the country partnership strategy (CPS) 2018-2022 of ADB for Sri Lanka. The COBP 2019-2021 reflects efforts to enhance ADB’s development effectiveness in Sri Lanka by focusing on long-term engagement, ensuring project readiness, deepening partnership with line agencies and maintaining a degree of flexibility to respond effectively to the Government’s evolving needs.
– Reporting by Devendra Francis
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