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ADB to provide $1 billion assistance to Sri Lanka over 4 years

The Asian Development Bank (ADB) will double its sovereign assistance during 2018-2022 said the bank’s vice-president Wencai Zhang.

Speaking ahead of his official tour of Sri Lanka, Mr Zhang said,

“ADB proposes to double its sovereign assistance to $800 million -$1 billion per year during 2018-2022. Hence the ADB will continue to invest in programs and projects in sectors where we have strong operational experience while exploring new areas that will put the country further towards reaching an Upper Middle Income Country (UMIC) status.”

Outlining the ADB’s two main focus points in Sri Lanka, Mr Zhang said,

“Pillar 1 seeks to strengthen the drivers of growth by expanding provision of growth-oriented infrastructure (in the transport, energy and urban sectors) and logistics; developing economic corridors; upgrading human capital. ADB will expand its operations into new areas such as development of railways, wind and solar power generation, integrated urban development and higher education as country needs evolve.

“Pillar 2 aims to improve the quality of growth by promoting inclusiveness through strengthening agriculture infrastructure and commercialization; improving rural connectivity; improving public service delivery, and expanding SME access to finance.”

Mr Zhang is due to visit Sri Lanka later this week, and launch a publication with Finance Minister Mangala Samaraweera, entitled “Sri Lanka- ADB Partnership 1966-2016.”

The ADB vice president is also expected to meet President Maithripala Sirisena and other senior government officials.

See more here.