The Cabinet of Ministers has approved a proposal by President Anura Kumara Dissanayake, in his capacity as Minister of Finance, to obtain a concessional loan of USD 200 million from the Asian Development Bank (ADB).

The approval follows Cabinet consent on 15 June 2026 to conduct loan agreement discussions under Sub‑Programme 1 of the ADB’s Trade, Investment and Industrial Development Programme, which have now been successfully concluded.

Clearances for the loan have been received from the Attorney General’s Department and the Central Bank of Sri Lanka, with the arrangement subject to conditions set by the State Debt Management Office.

The loan is expected to support ongoing economic development initiatives while strengthening trade and investment programmes. (Newswire)

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The Asian Development Bank (ADB) has approved a $200 million emergency assistance package for Sri Lanka’s recovery and reconstruction following Cyclone Ditwah.

According to an ADB statement, the package comprises a $100 million regular loan and a $100 million concessional loan from ADB’s ordinary capital resources, and a $500,000 technical assistance grant to help strengthen project implementation, readiness, and quality assurance.

The Post-Cyclone Ditwah Reconstruction and Livelihood Support Project will finance priority investments to rehabilitate damaged road and irrigation infrastructure, restore the livelihoods of affected smallholder farmers, and support the reconstruction of severely damaged or destroyed houses. The project applies build-back-better principles to strengthen resilience to future disasters.

“Cyclone Ditwah caused widespread damage to infrastructure, housing, and livelihoods across Sri Lanka, placing additional strain on communities already facing significant economic challenges,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This emergency assistance will help restore essential services, support affected households and farmers, and rebuild infrastructure to higher, climate-resilient standards.”

Cyclone Ditwah made landfall in Sri Lanka on 28 November 2025, bringing intense rainfall, flooding, and landslides that caused widespread damage across 22 districts and disrupted transport networks, irrigation systems, housing, and rural livelihoods.

The project will support the rehabilitation and climate-resilient reconstruction of priority national and rural roads damaged by the cyclone. This includes slope stabilization, drainage improvements, and repairs to carriageways and minor structures. These investments will restore safer, more reliable access to markets, services, and employment while reducing vulnerability to extreme weather events.

The project will also finance the rehabilitation of damaged irrigation infrastructure, including tanks, canals, and associated water management structures, and will strengthen dam safety planning. By restoring irrigation functionality and improving resilience, the project will help farmers resume agricultural production, support food security, and reduce exposure to future environmental shocks.

In addition, the project will provide targeted support to cyclone-affected households by building on the government’s recovery assistance programs for smallholder paddy farmers and owner-driven housing reconstruction. Livelihood assistance will help farmers restore inputs and resume production, while owner-driven housing support will be provided through staged grants based on verified construction progress, enabling families to rebuild safely and with greater resilience.

The project will be implemented through government agencies responsible for transport, irrigation, agriculture, and disaster recovery, supported by project implementation consultants and regular ADB review missions. 

ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region. (Newswire/ ADB)

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The Asian Development Bank has agreed to assist by increasing a supplementary financing package of United States Dollars 100 million so that it will be increased up to United States Dollars 200 million.

In March, the Cabinet had cleared the move to obtain USD 380 million from ADB facilities, with USD 100 million earmarked for the Trade, Investment and Industries Development Programme – Sub Programme 1. 

However, amid economic uncertainty triggered by the Middle East crisis and recent climate‑related disasters, the ADB has agreed to extend supplementary financing of an additional USD 100 million.

The Cabinet endorsed the proposal presented by President Anura Kumara Dissanayake in his capacity as Minister of Finance, authorizing further measures to secure the enhanced loan package. (Newswire)

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Asian Development Bank (ADB) President Masato Kanda arrived in Sri Lanka early this morning (23) on a three‑day official visit, marking a crucial engagement focused on strengthening economic cooperation, meeting key stakeholders, and assessing cyclone‑related damage in affected regions. 

According to the President’s Office, ADB President Masato Kanda was received upon arrival by the Minister of Labour and Deputy Minister of Finance and Planning, Anil Jayantha Fernando. 

The ADB President’s first day in Colombo includes a visit to the Colombo Port, where he toured the control tower, underscoring the strategic importance of maritime infrastructure to Sri Lanka’s economy. 

He is also expected to meet with representatives of the private sector, followed by a visit to the ADB’s Sri Lanka Resident Mission (SLRM). 

Tomorrow (24), Kanda and his delegation are scheduled to conduct an aerial and ground assessment of areas impacted by Cyclone “Ditwah” in Aranayaka, Kegalle District. 

He will also engage in a drive-through inspection of the cyclone-affected Ambalankanda area. A brief on-site programme is scheduled, allowing the ADB President to observe damage and engage with local stakeholders directly. 

Kanda will meet with President Anura Kumara Dissanayake tomorrow (24) at the Presidential Secretariat. The meeting is expected to focus on economic recovery, development financing, and strengthening bilateral cooperation between Sri Lanka and the ADB. 

The visiting delegation includes several senior ADB officials: Sona Shrestha – Director General, South Asia Regional Department, Keiichiro Inui – Chief Advisor, Office of the President and other senior officials from the ADB.

This visit comes at a critical time for Sri Lanka as it navigates economic recovery while facing increasing climate vulnerabilities. 

According to the President’s Office, the ADB’s engagement, particularly the site visit to cyclone-affected areas, signals a continued commitment to supporting resilient infrastructure and sustainable development in the country. (Newswire)

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Prime Minister Harini Amarasuriya met senior officials of the Asian Development Bank (ADB) at its headquarters in Manila, Philippines, yesterday (March 10), during which discussions were focused on strengthening development cooperation, reviewing ongoing projects, and exploring new opportunities for collaboration between Sri Lanka and the ADB.

According to the Prime Minister’s Office, PM Amarasuriya first met with ADB President Masato Kanda. During the meeting, both sides reaffirmed the strong partnership between Sri Lanka and the Asian Development Bank. President Kanda welcomed the Prime Minister’s visit and commended Sri Lanka’s efforts to stabilise the economy and advance recovery following the recent economic crisis.

Prime Minister Amarasuriya expressed Sri Lanka’s appreciation for the continued support extended by ADB, including assistance provided in response to the impacts of Cyclone Ditwah and the Bank’s broader development cooperation with the country. She highlighted the importance of ADB-supported initiatives across key sectors that contribute to Sri Lanka’s ongoing recovery and long-term development.

The Prime Minister also held discussions with the Vice President (South, Central and West Asia) of ADB, Yingming Yang, where both sides reviewed the progress of ongoing ADB-funded projects in Sri Lanka and explored opportunities to further strengthen collaboration in areas such as health, education, and social development.

In a separate meeting with the Director General of the Sectors Department 3,  Christine Engstrom, discussions focused on sector-specific initiatives supported by ADB, particularly in human and social development, public sector management, and financial sector reforms. The Prime Minister noted that future investments in the education sector should place greater emphasis on human resource development and improving the quality of teaching and learning, alongside infrastructure development.

Following these meetings, the Prime Minister participated in a Policy Dialogue on Education and Skills Development, which brought together representatives from ASEAN institutions, Philippine education authorities, and ADB officials. The dialogue focused on regional education systems, policy collaboration, and initiatives aimed at strengthening education and skills development frameworks.

During the discussion, the Prime Minister highlighted the importance of expanding education cooperation between Sri Lanka and the Philippines, particularly in areas of policy exchange and institutional collaboration. Participants also discussed the development of the Technical and Vocational Education and Training (TVET) sector and explored opportunities to strengthen skills development frameworks to better align with emerging economic demands.

According to a statement from the Prime Minister’s Office, the engagements in Manila reaffirmed the shared commitment between Sri Lanka, the Asian Development Bank, and regional partners to deepen cooperation in advancing sustainable development, strengthening education systems, and promoting inclusive economic growth. (Newswire)

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A meeting between Prime Minister Harini Amarasuriya and officials of the Asian Development Bank (ADB) was held at the Ministry of Education this week (02 Mar), during which ADB officials informed the Prime Minister about the Human Resource Development for Education Project (HRDEP).

During this discussion, attention was focused on improving the quality of advanced-level education and curriculum design, strengthening the quality and efficiency of the workforce in the education sector, and improving the management plan of the education sector.

The Prime Minister emphasized the need for technical support and skilled human resources for the process of digitizing the education sector, and stated that by developing such a systematic framework covering all sectors, the government expects to build a strong human resource base that can contribute to national development.

ADB officials expressed their willingness to support the education reform process carried out by the government. They also confirmed their readiness to provide technical assistance as well as international financial facilities to advance these reforms.

ADB officials, technical experts, and the Secretary of the Ministry of Education, Nalaka Kaluwewa, participated in the discussion. (Newswire)

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The Asian Development Bank’s (ADB) new Country Director for Sri Lanka, Shannon Cowlin, presented credentials to the Minister of Foreign Affairs Vijitha Herath at the Foreign Ministry on Tuesday (10 Feb). 

According to Sri Lanka’s Foreign Ministry, Shannon Cowlin was welcomed by Minister Herath, who conveyed Sri Lanka’s gratitude for the strong support extended by the Bank during Sri Lanka’s challenging economic period.

He further expressed that Sri Lanka looked forward to continuing with the ADB’s strong multifaceted partnership supporting Sri Lanka’s development agenda. 

Minister Herath also extended his appreciation to the ADB for the grant assistance of USD 3 million extended by the ADB following Cyclone Ditwah in December 2025. 

In response, ADB Country Director Shannon Cowlin reaffirmed ADB’s commitment to strengthening collaboration in support of sustainable and inclusive development in Sri Lanka. 

The discussions assessed the longstanding partnership between Sri Lanka and the ADB in the areas of energy, transport, health, education, infrastructure, trade & tourism, etc. and the Bank’s continued support for the country’s development priorities. (Newswire)

Pleased to receive the credentials of Ms. Shannon Cowlin, Country Director of Sri Lanka Resident Mission of the Asian Development Bank (ADB). Reaffirmed our strong partnership and commitment to advancing sustainable development in Sri Lanka.

I conveyed Sri Lanka’s deep… pic.twitter.com/IDq1wSUXo7

— Vijitha Herath (@HMVijithaHerath) February 10, 2026

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The Asian Development Bank (ADB) has appointed Shannon Cowlin as its new Country Director for Sri Lanka. 

According to an ADB statement,  Shannon Cowlin assumed office in Colombo today (09 Feb).

“I am honoured to be appointed Country Director of ADB’s Sri Lanka Resident Mission,” Cowlin said. “For many years, ADB has been a trusted partner of Sri Lanka, supporting the country through significant challenges, including the COVID-19 pandemic and the recent economic crisis. As Sri Lanka continues on its path to recovery, ADB remains firmly committed to assisting the nation in rebuilding and strengthening its resilience, including addressing the impacts and damage caused by Cyclone Ditwah. Looking ahead, we will continue to work closely with the Government, development partners, and communities to promote sustainable growth and create new opportunities.”

Cowlin has over 26 years of professional experience, including 13 years with ADB. Her expertise spans investment project operations, policy engagement, and knowledge work across the fields of energy, climate, the environment, air quality, public health, and the energy–food–water nexus. Most recently, she served as Country Director of ADB’s Mongolia Resident Mission, where she led strategy and operations since 2023.

Prior to joining ADB,  Cowlin was a manager at the United States (US) National Renewable Energy Laboratory, where she led US–India and South Asia regional energy cooperation efforts. A national of the US, Cowlin holds a master’s degree in environmental health sciences and a bachelor’s degree in environmental engineering sciences from the University of California, Berkeley.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region. (Newswire)

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Sri Lanka will co‑host the 2026 Asian Regional Debt Management Conference, following Cabinet approval of a proposal presented by President Anura Kumara Dissanayake, in his capacity as Minister of Finance, Planning, and Economic Development.

The annual conference, organized by the Asian Development Bank, brings together debt managers from member countries to share experiences, address challenges, and strengthen regional cooperation in public debt management.

Scheduled for late May 2026, the conference will run for four to five days and include surveys and technical workshops focusing on debt management operations, emerging challenges, and new approaches. 

Representatives from ministries of finance, central banks, debt management offices, and other relevant institutions across Asia are expected to participate.

According to the government, hosting the event will enhance Sri Lanka’s international standing in the field of debt management, strengthen bilateral and regional ties with Asian member countries and international financial institutions, and promote knowledge‑sharing and capacity building for debt management operations. (Newswire)

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Opposition Leader Sajith Premadasa met Takafumi Kadono, the Sri Lankan representative of the Asian Development Bank (ADB), for a special meeting at the Opposition Leader’s office in Colombo today (15 Dec). 

MP Sajith Premadasa met with Takafumi Kadono with the aim of providing relief to the people affected by Cyclone Ditwah in Sri Lanka.

During the meeting, MP Premadasa expressed his gratitude to Takafumi Kadono regarding the Asian Development Bank’s provision of USD 100 million to uplift micro, small, and medium-scale entrepreneurs and businesspeople at a time when Sri Lanka went bankrupt. 

Subsequently, he informed Takafumi Kadono about the destruction caused by the current disaster situation and requested assistance to help Sri Lanka rise again during this difficult time. (Newswire)

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The Asian Development Bank (ADB) has approved a $200 million loan to support the ongoing Mahaweli Development Program, Sri Lanka’s largest multi-use water resources development initiative.

The program aims to transfer excess water from the Mahaweli River to the drier northern and northwestern parts of Sri Lanka. The Mahaweli Water Security Investment Program Stage 2 Project will directly benefit more than 35,600 farming households in the North Central Province by strengthening agriculture sector resilience and enhancing food security.

ADB leads the joint co-financing effort for the project, which is expected to mobilize $60 million from the OPEC Fund for International Development and $42 million from the International Fund for Agricultural Development, in addition to the ADB financing.

“While Sri Lanka has reduced food insecurity, it remains a development challenge for the country,” said ADB Country Director for Sri Lanka Takafumi Kadono. “Higher agricultural productivity and crop diversification are necessary to achieve food security, and adequate water resources and disaster-resilient irrigation systems are key.”

The project will complete the government’s North Central Province Canal (NCPC) irrigation infrastructure, which is expected to irrigate about 14,912 hectares (ha) of paddy fields and provide reliable irrigated water for commercial agriculture development (CAD).

It will help complete the construction of tunnels and open and covered canals. The project will also establish a supervisory control and data acquisition system to improve NCPC operations. Once completed, the NCPC will connect the Moragahakanda Reservoir to the reservoirs of Huruluwewa, Manankattiya, Eruwewa, and Mahakanadarawa.

The CAD component will construct 13 pressurized pipe distribution networks to provide reliable and efficient irrigation for high-value crops across 5,039 ha of upland fields. These networks will provide on-farm drip irrigation and “water on demand” for farmers. The project will transform agriculture production systems by integrating a disaster-resilient value chain from seedling and planting to harvesting and post-harvest handling. It will also enhance access to financial services and agriculture extension services, such as training for farmers.

In upland CAD areas, the project will promote perennial crops with export potential, such as mango, papaya, guava, and passion fruit. In lowland paddy areas, it will support seasonal diversification into other crops, such as mung bean, chili, maize, groundnut, and other vegetables, particularly during the Yala cultivation season from April to September.

The project will also assist farmer organizations in operating as business entities, adopting smart, market-driven production systems with tailored access to financial services, extension support, and marketing through public and private producer partnerships.

Sri Lanka was hit by Cyclone Ditwah in late November, resulting in the country’s worst flood in two decades and the deadliest natural hazard since the 2004 tsunami. The disaster damaged over 160,000 ha of paddy fields along with nearly 96,000 ha of other crops and 13,500 ha of vegetables.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region. (ADB)

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Sri Lanka has moved to activate emergency response components within ongoing World Bank–financed projects to accelerate post-disaster recovery following the widespread destruction caused by Cyclone Ditwah, the government said.

Severe flooding and landslides triggered by the cyclone resulted in extensive damage to agricultural land, critical infrastructure, public facilities and livelihoods, while also causing deaths and mass displacement of communities. 

Officials said the scale of the disaster has made it necessary to prioritise rapid rebuilding and shift from immediate emergency response to longer-term recovery planning.

The Cabinet of Ministers has therefore approved a proposal by the President, in his capacity as Minister of Finance, to activate emergency response elements already built into existing foreign-funded investment projects and to obtain between USD 92 million and USD 112 million from the World Bank Cluster to finance the effort.

Separately, Sri Lanka will receive a USD 3 million grant from the Asia Pacific Disaster Response Fund of the Asian Development Bank to support relief and rehabilitation activities for communities affected by Cyclone Ditwah. 

The Cabinet approved the proposal to enter into the required agreements with the ADB to secure the grant, which will help provide essential materials and life-security services in the aftermath of the disaster. (Newswire)

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The Asian Development Bank (ADB) has approved a US$3 million disaster relief grant to assist Sri Lanka’s recovery efforts following Cyclone Ditwah. The funding will support emergency and humanitarian operations across the island.

ADB President Masato Kanda announced the grant following official requests for assistance from the governments of Sri Lanka, Thailand, and Vietnam — each of which experienced severe weather events. Thailand and Vietnam will also receive US$2 million each in disaster relief funding.

“I am deeply saddened by the suffering caused by these devastating floods,” Kanda said. “The governments and people of Sri Lanka, Thailand, and Viet Nam can rest assured that ADB will provide assistance to help save lives and rebuild communities.”

The grant is issued through the Asia Pacific Disaster Response Fund (APDRF), which offers rapid financial support for life-saving relief in the immediate aftermath of major natural disasters.

Heavy flooding linked to Cyclone Ditwah has caused significant loss of life and widespread damage to homes, infrastructure, and public services in Sri Lanka and other affected nations.

Founded in 1966, ADB is a multilateral development bank owned by 69 members, including 50 from the Asia-Pacific region. The bank supports sustainable and inclusive development across Asia through financial partnerships and infrastructure investment. (Newswire)

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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)

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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)

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Sri Lanka has signed an agreement with the Asian Development Bank (ADB) to borrow 100 million US dollars to develop the health sector.

According to the Ministry of Finance, the agreement was signed by Secretary to the Ministry of Finance, Harshana Suriyapperuma, for Sri Lanka and the Country Director for the Asian Development Bank, Takafumi Kadono. 

The loan is given from ADB’s Ordinary Capital Resources window and will support the national strategic framework for the development of health services for improved efficiency and quality of secondary health services as first referral care for ensuring universal health coverage. 

The Ministry further stated that the package also includes an externally financed grant amounting to 6.9 million dollars from the Pandemic Fund, provided under Result-based Lending. (Newswire)

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Opposition Leader Sajith Premadasa met with a delegation from the Asian Development Bank (ADB) at his office, where he once again raised the challenges faced by Sri Lanka’s small, medium, and micro-scale entrepreneurs.

The ADB team included Country Director Takafumi Kadono, Senior Country Economist Lilia Aleksanyan, and Finance Sector Specialist Uresha Walpitagama.

During the meeting, both sides held detailed discussions on the current state of the Sri Lankan economy. Subsequently, representatives of small and medium-scale entrepreneurs were given the opportunity to meet the ADB officials directly and present their issues firsthand.

MP Premadasa stressed that entrepreneurship is the driving engine of national economic growth and that empowering SMEs is vital for recovery and job creation. 

He further noted that according to the Department of Census and Statistics, small and medium enterprises (SMEs) have faced numerous challenges in recent years, resulting in the closure or bankruptcy of nearly 260,000 businesses by 2022.

The Opposition Leader also warned that many more SMEs risk collapse by December 31, 2025, if immediate support measures are not introduced. 

He urged the ADB to extend assistance to help struggling enterprises revive operations and sustain employment across the country. (Newswire)

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Cabinet approval has been granted to sign the relevant loan agreement with the Asian Development Bank for the implementation of the sustainable tourism development programme. 

The Asian Development Bank has given its consent to release a loan grant of USD $ 100 million to implement a field development programme for Sri Lanka’s tourism sector. 

The said loan grant is comprised of 02 components, namely a loan of USD $ 70 million based on the policy component and another loan grant based on the investment component. 

Under the investment component, it is expected to perform development activities required for obtaining better contribution to the regional economy across tourism, as well as enhancing the tourism probability and travel capacity enhancement of tourism destinations of Trincomalee and Dambulla (including Sigiriya), control of tourism traffic, and extension of accommodation period. 

The Ministry of Urban Development, Construction and Housing is performing as the agency and the execution authority of the projects coming under the said investment component. 

Accordingly, the Cabinet of Ministers approved the joint proposal presented by the Minister of Tourism and the Minister of Urban Development to sign the loan agreements relevant to obtaining the proposed loan grant. (Newswire)

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The Ministry of Transport says steps are being taken to renovate the Colombo Fort Railway Station with the assistance of the Asian Development Bank (ADB).

According to the ministry, under this initiative, the station is set to be developed into a modern facility equipped with upgraded amenities.

An estimated budget of Rs. 1,395 million has been allocated for the project, which is expected to be completed within a 15-month timeframe. 

The ministry added that tenders have already been called, and development work is scheduled to commence by the end of this year. (Newswire)

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The Ministry of Transport and Highways says that construction of 500 kilometres of roads under the i-Road project will recommence this year.

According to the ministry, the project had previously stalled due to the economic crisis and other factors. 

However, it will now resume following discussions between the Ministry of Transport and Highways and the Asian Development Bank (ADB).

The ministry stated that an allocation of US$ 90 million has been made for the project.

The new phase of development will cover roads that were previously halted across the Eastern, Uva, Western, and Northern Provinces. (Newswire)

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