ADB re-orients SL operations, agrees to co-finance projects with AIB

The Asian Development Bank's (ADB) visiting President Takehiko Nakao today announced that it plans on re-orienting its operations "to meet the evolving needs of Sri Lanka."

More focus is planned for the education sector specifically in the science and engineering skills development in addition to its funding for infrastructure projects.

The assistance of over US$2 billion will be used to support the government's initiative to develop the capital markets as a support to the budget for which negotiations are currently underway, Mr. Nakao said at the media briefing held today at the Galle Face Hotel in Colombo.

Moreover, the bank also said that they would be looking at several projects to select that which could be co-financed along with the Asian Infrastructure Bank (AIB).

During the media briefing he also said that the time was opportune since the post conflict era to enhance growth on good governance and inclusiveness.

The ADB today also signed a transaction advisory services agreement with the Sri Lanka Ports Authority (SLPA) to develop the East container Terminal of the Colombo port through private-public partnership.