The Government of Sri Lanka and the Asian Development Bank (ADB) have signed a loan agreement of USD 90 million for phase 5 of the Second Integrated Road Investment Program (iROAD 2).
According to a statement from the Ministry of Finance, the loan agreement has been signed after the government successfully concluded discussions with the ADB.
The objective of this program is to enhance road transport efficiency by improving connectivity between selected rural communities and key socio-economic centres, while also strengthening the institutional capacity of national road agencies.
According to the ADB, the loan will support the upgrading of approximately 500 kilometres of rural access roads that are inclusive and accessible to elderly persons, women, children, and persons with disabilities, and will be developed in accordance with climate- and weather-resilient standards.
In addition, the program will facilitate the rehabilitation of around 21 kilometres of national roads and the maintenance of approximately 100 kilometres of rural access roads.
The Ministry of Transport, Highways, and Urban Development will serve as the executing agency, while the Road Development Authority (RDA) will act as the implementing agency.
The loan agreement was formally signed today at the General Treasury in Colombo, by Secretary to the Ministry of Finance Harsha Suriyapperuma on behalf of the Government of Sri Lanka and ADB’s Country Director for Sri Lanka, Takafumi Kadono. (Newswire)
