Sri Lanka receives $ 900 million credit facilities from Asian Development Bank this year for 24 development projects

(LANKAPUVATH | COLOMBO) –The Asian Development Bank (ADB) has provided 50 credit facilities to Sri Lanka this year for the implementation of 24 development projects in a number of sectors, including highways, water supply, electricity and health, according to the Ministry of Finance.

The External Resources Department of the Ministry of Finance expresses confidence that out of these credit facilities of $ 900 million, development projects at a cost of at least $ 700 million to $ 800 million could be implemented by the end of the year amidst the COVID pandemic.

The 55th Annual Conference of the Asian Development Bank, which was established in 1966, is scheduled to be held in Colombo from May 2 to 5 next year.

The Ministry of Finance says the Government of Sri Lanka is ready to receive a great support to the socio-economic development of this country through hosting such an international conference.

According to the Ministry of Finance, the Asian Development Bank was the largest donor to Sri Lanka last year (2020).

The ADB has provided $ 568 million to Sri Lanka last year, while the World Bank provided $ 218 million, the European Union $ 44 million, Germany $ 2.5 million, Japan $ 9.5 million and the United Nations $ 0.7 million last year on the agreements made last year, the Finance Ministry says.

The Ministry of Finance states that the funds have been received from the Asian Development Bank for carpeting and widening of roads to integrate the rural roads and urban road network which is a major contributor to the socio-economic development of Sri Lanka, implementing water supply schemes to provide clean drinking water to the people, for low cost power generation methods to meet the rural power demand and to develop the health, education, information technology and small and medium enterprises sectors.

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