ADB to provide $2 billion to Sri Lanka in the next three years
Wencai Zhang
The Asian Development Bank (ADB) announced on Friday that the bank will lend US$ 2 billion to Sri Lanka under a 3-year programme, according to ADB Vice President Operations Wencai Zhang. He was speaking to the media during a 3-day visit to Sri Lanka. Mr. Zhang said, “Within the next three years from 2017 to 2020 ADB will lend $2 billion to Sri Lanka. So far we have lend around US$ 600 million on average each year to Sri Lanka. With ADB being in Sri Lanka for 50 years the bank has lend around US$ 7.8 billion in total.”
Mr. Zhang also stated that a lot of projects are in the pipeline in Sri Lanka in infrastructure, renewable energy, education, finance, water resource management, solar and wind power, urban water supply and urban transport sectors. Under the Megapolis Project the Colombo Port access roads will be renovated and the electrification of Panadura to Veyangoda Railways will also be implemented. In the transportation sector road connectivity must be improved and expressways must be built to ease transportation, he said adding that more focus will be emphasized on development in the outskirts of Colombo. In the near future there will be a lot of funding on research and development, he noted.