ADB favourably consider new projects in Sri Lanka in next 5 years

The members of Board of Governors of Asian Development Bank held detailed discussion with Prime Minister Dinesh Gunawardena on Sri Lanka’s financial requirements for projects for the next 5 years at the Temple Trees in Colombo on October 10.

Expressing satisfaction over Sri Lanka’s quick stabilization of the economy after the last year’s crisis, they said the ADB would favourably respond to proposed new projects on digitalization and IT, public transport, human resource development and education, water and small and medium enterprises development.

They also praised the efforts of the government to provide social security support to vulnerable groups in the society.

The Prime Minister thanked the ADB for the assistance provided in the last several decades for developmental activities and, briefed them about the steps taken by the government for structural reforms, agricultural growth and relaxation of regulations to attract foreign investments in all sectors of economy.

He urged the regional funding agency to initiate new projects on areas such as renewable energy, digitalization, and public transport systems, especially the railways.

ADB Team Leader, Executive Director, Chantale Wong and Executive Director (Sri Lanka), Sangmin Ryu briefed the Prime Minister about the ADB’s mid-term and long-term projects for economic progress and infrastructure development. The ongoing projects cover areas such as strengthening public financial management and governance, foster private sector development and improve access to public services and deepen inclusion, social protection, equitable access, health, climate and agriculture modernization.

ADB Country Director Takafumi Kadono said that ADB Governing Board Members would study the progress of projects and to inquire into the areas of future projects during the visit. The delegation will also visit project sites to see the progress.

ADB delegation comprised of Executive Directors, Wan Farisan Bin Wan Sulaiman, Charlotte Justine Diokno-Sicat, Shigeo Shimizu, Alternate Executive Directors, David Cavanough, Xia Lyu, Alberto Cerdan and Nim Dorji and Secretariat Administrator, Marie Rose B. Alvero.

Prime Minister’s Media