Govt signs US$ 60 Mn loan agreement with ADB

November 28, 2023 at 3:54 PM

The government has signed a loan agreement of US$ 60 million with the Asian Development Bank (ADB) under the Second Integrated Road Investment Program (Tranche 4).

The agreement was signed by Secretary to the Ministry of Finance, K.M. Mahinda Siriwardana, on behalf of the Government of Sri Lanka and the Country Director, ADB Sri Lanka Resident Mission, Takafumi Kadono today (Nov 28).

According to reports, the loan is 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.

The loan of USD 60 million will be provided from ADB’s Concessional Ordinary Capital Resources. 

The total investment cost of the 4th tranche is estimated at USD 68.5 million, out of which USD 8.5 million has been agreed to be borne by the Government. (NewsWire)