50 years on, ADB vows to help stimulate FDI to SL
The Asian Development Bank (ADB)’s role in the past years was filling the gap to meet the nation’s requirements. But in the coming years and in the future the ADB will be looking at removing impediments for high investments and create a new engine of growth in the country, said Director General, South Asia Regional Department (SARD) of the ADB, Hun Kim.
He was making the welcome remarks at the ADB’s 50th anniversary celebration of a photo exhibition held at the Independence Memorial Hall in Colombo 7 earlier this week. A first day cover of a special postage stamp was issued by the Postmaster General to commemorate the 50th anniversary of the ADB followed by a photo exhibition which was opened by the Minister of Finance Ravi Karunanayake.
“We are now working with the government to address these challenges to diversify the production base and increase productivity for exports of high value products.”
He said he was happy to be associated with the 50th year celebration of the ADB in partnership with the Sri Lankan government, adding that it provides the bank with an opportunity to interact with stakeholders in Sri Lanka.
He said the ADB has played a remarkable role in transforming Asia and the Pacific region during the past 50 years. When the ADB was formed in 1966 the region was beset with problems and conflicts but today the people are healthier and many countries are better connected with their neighbouring countries.
It was in 1959 the then Prime Minister S.W.R.D. Bandaranaike proposed an international meeting with the possibility of setting up a global international Asian bank and subsequently C. Loganathan, a Sri Lankan banker, presented a paper titled “A regional economic cooperation in Asia” in 1962. Sri Lanka thus has also played a pivotal role with other Asian countries in setting up the ADB. Sri Lanka was one of the pioneering countries to join the Asia Development Bank (ADB) in Manila in 1966 along with 31 other countries.
Minister Karunanayake said, “We are proud and privileged to continue our membership with the ADB. I must congratulate the President of the ADB and the staff for the contribution made towards economic, social, and infrastructure development in Asia and other Pacific countries”.
Since the initial years ADB has lent US$8.2 billion, provided more than $363 million in grant assistance and more than $138 million in technical assistance to
Sri Lanka.
Some of the flagship projects in Sri Lanka include the first ever expressway in Sri Lanka (the Southern Expressway) and the expansion of the Colombo Port.