ADB to favourably consider new projects in SL in next 5 years

October 11, 2023 at 1:53 PM

The Asian Development Bank (ADB) has assured that it would favourably respond to proposed new projects in Sri Lanka.

The ADB made the assurance during a discussion between the ADB’s Governing Board Members and Sri Lankan Prime Minister Dinesh Gunawardena at the Temple Trees in Colombo on Tuesday (Oct 10).

According to the Prime Minister’s Office, the discussion focused on Sri Lanka’s financial requirements for projects for the next 5 years.

Expressing satisfaction over Sri Lanka’s quick stabilization of the economy after last year’s crisis, the ADB said it 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.

The ADB also praised the efforts of the government to provide social security support to vulnerable groups in society.

PM Dinesh Gunawardena thanked the ADB for the assistance provided in the last several decades for developmental activities and, briefed them about the steps taken by the government for 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, improving access to public services and deepening inclusion, social protection, equitable access, health, climate and agriculture modernization.

ADB Country Director Takafumi Kadono said that the ADB Governing Board Members would study the progress of projects and inquire into the areas of future projects during the visit. The delegation will also visit project sites to see the progress.

The ADB delegation comprises 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.

Minister Roshan Ranasinghe, Secretary to the Prime Minister Anura Dissanayake, Private Secretary C Kuruppu and Media Advisor Sugeeswara Senadhira were present on this occasion. (NewsWire)