The Asian Development Bank has decided to increase financial assistance to Sri Lanka for development activities. Accordingly, ADB has agreed to provide 1 billion US dollars to Sri Lanka for the year 2017.
This agreement has been arrived at a meeting held between Minister of Finance Ravi Karunanayake and Executive Director of ADB Won-Mok Choi at the Parliamentary complex Tuesday (26) evening.
The concessionary loan is due to cover development activities in several sectors. These sectors include highways, drinking water projects, irrigation and small and medium scale businesses.
The Asian Development Bank has been providing financial aid to Sri Lanka since 1960 and this will be the highest amount of aid to be provided by the ADB.
The disbursements made by the ADB so far are between US$ 500 and 700. But ADB has decided to increase financial assistance to Sri Lanka taking into consideration the favourable environment for development opportunities, the Finance Ministry said.