ADB extends US$ 60 million to Sri Lanka road development
By: Staff Writer
Colombo (LNW): Asian Development Bank will finance high priority needs of Sri Lanka, specifically targeting infrastructure development and the ongoing structural reform program of the country, exceeds US$ 4 billion.
It has recently extended a sum of US$ 60 million Financial Assistance from ADB under Second Integrated Road Investment Program – Tranche 4.
The loan of $ 60 million will be provided from ADB’s Concessional Ordinary Capital Resources.
The total investment cost of the 4th tranche is estimated at $68.5 million, out of which$ 8.5 million has been agreed to be borne by the Government.
The relevant Loan Agreement for the Second Integrated Road Investment Program (Tranche 4) was signed by. K.M. Mahinda Siriwardana, Secretary, Ministry of Finance and Takafumi Kadono, Country Director, ADB Sri Lanka Resident Mission, on 28th November 2023.
Meanwhile the ADB has assured that it ill continue financing high priority needs of Sri Lanka, specifically targeting the ongoing structural reform program of the country, exceeds US$ 4 billion.
This was revealed following the strategic dialogue taken place during the three day period to finalise the annual Country Programming exercise, a five year lending and non-lending indicative pipeline from ADB resources.
Country Programming Mission was held between the Government of Sri Lanka and the Asian Development Bank from 16 to 18 August 2023 at the ADB Headquarters, finance ministry sources said.
Priyantha Rathnayake, the Deputy Secretary to the Treasury who headed the Government delegation, held discussions with Shixin Chen, the Vice President of ADB and other senior officials of ADB as well as the senior Directors in- charge of each of the sectors.
Sri Lanka is a founding member of the Asian Development Bank (ADB). To date, ADB has committed 482 public sector loans, grants, and technical assistance totaling $11.2 billion to Sri Lanka.
Cumulative loan and grant disbursements to Sri Lanka amount to $9.42 billion. These were financed by regular and concessional ordinary capital resources, the Asian Development Fund, and other special funds.
ADB’s ongoing sovereign portfolio in Sri Lanka includes 41 loans and 1 grant worth $3.64 billion
The Government of Sri Lanka is planning to borrow USD 60 million from the Asian Development Bank (ADB) under the Second Integrated Road Investment Program (Tranche 4) to finance carrying out the critical works of the already commenced and incompleted road sections of the overall Integrated Road Investment Program to improve road safety and minimize public inconvenience.