Sri Lanka will enter into loan agreements with the Asian Development Bank (ADB) to implement the Sustainable Tourism Sector Development Programme (STSDP), following Cabinet approval of a proposal presented by the President.
Negotiations have been concluded to obtain a total of USD 100 million, comprising USD 70 million from ADB’s concessionary general capital resources and USD 30 million from its regular capital resources, the government said.
According to the Cabinet Spokersperson, both the Central Bank of Sri Lanka and the Attorney General’s Department have granted clearance for the loan facility. The ADB financing is expected to help strengthen Sri Lanka’s tourism sector in alignment with national development priorities and sustainability goals.
The programme aims to promote sustainable growth in the tourism industry by improving infrastructure, enhancing environmental and social standards, and supporting community-based tourism initiatives. (Newswire)