ADB favourably considers new projects in Sri Lanka for next 5 years
October 11, 2023 03:39 pm
The members of Board of Governors of the Asian Development Bank (ADB) have held a detailed discussion with Prime Minister Dinesh Gunawardena on Sri Lanka’s financial requirements for projects for the next 5 years.
The meeting took place at the Temple Trees in Colombo on Tuesday (Oct. 10), the Prime Minister’s Office said in a press release.
Expressing satisfaction over Sri Lanka’s quick stabilization of the economy after the emergence of the crisis last year, the ADB officials said the regional funding agency would favourably respond to proposed new projects on digitalization and IT, public transport, human resource development and education, water and small and medium enterprises development.
They have also praised the Sri Lankan government’s efforts to provide social security support to vulnerable groups.
PM Gunawardena has thanked the ADB for the assistance provided over the past few decades for developmental activities and briefed them about the steps taken by the government towards structural reforms, agricultural growth and relaxation of regulations to attract foreign investments in all sectors of the economy.
He urged the regional funding agency to initiate new projects in areas such as renewable energy, digitalization, and public transport systems, especially the railways.
ADB Team Leader, Executive Director, Chantale Wong and Executive Director (Sri Lanka), Sangmin Ryu briefed the Prime Minister about the ADB’s mid-term and long-term projects for economic progress and infrastructure development.
The ongoing projects cover areas such as strengthening public financial management and governance, fostering private sector development and improving access to public services and deepening inclusion, social protection, equitable access, health, climate and agriculture modernization.
ADB Country Director Takafumi Kadono said that ADB Governing Board members would study the progress of projects and to inquire into the areas of future projects during the visit. The delegation is also scheduled to visit project sites to oversee the progress.
ADB delegation comprised Executive Directors, Wan Farisan Bin Wan Sulaiman, Charlotte Justine Diokno-Sicat, Shigeo Shimizu, Alternate Executive Directors, David Cavanough, Xia Lyu, Alberto Cerdan and Nim Dorji and Secretariat Administrator, Marie Rose B. Alvero.
