Asian Development Bank to finance high priority needs of Sri Lanka

The Asian Development Bank will finance high priority needs of Sri Lanka, specifically targeting the ongoing structural reform programme of the country.

This was revealed following a 3-day strategic dialogue which took place recently to finalise the annual Country Programming exercise, a five year lending and non-lending indicative pipeline from ADB resources.

The country programming Mission was held between the Government of Sri Lanka and the Asian Development Bank from 16 to 18 August 2023 at the ADB Headquarters, Finance Ministry sources said.

Priyantha Rathnayake, the Deputy Secretary to the Treasury who headed the Government delegation, held discussions with Shixin Chen, the Vice President of ADB and other senior officials of ADB as well as the senior Directors in- charge of each of the sectors.

Sri Lanka is a founding member of the Asian Development Bank (ADB). To date, ADB has committed 482 public sector loans, grants, and technical assistance totaling $11.2 billion to Sri Lanka.

Cumulative loan and grant disbursements to Sri Lanka amount to $9.42 billion. These were financed by regular and concessional ordinary capital resources, the Asian Development Fund, and other special funds.

ADB’s ongoing sovereign portfolio in Sri Lanka includes 41 loans and one grant worth $3.64 billion.  (Bandula)