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Asian Development Bank And Sri Lanka Sign $107 Million Loan

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Open Eyes Opinion {source: ADB}

Sri Lanka

ADB and Sri Lanka Sign $107 Million Loan Agreement for Roads

  • The loan agreement was signed during a ceremony in Colombo by Sri Widowati, ADB’s Country Director in Sri Lanka, and R.H.S. Samarathunga, Secretary to the Treasury at Sri Lanka’s Ministry of Finance.
COLOMBO, SRI LANKA – The Asian Development Bank (ADB) and the Government of Sri Lanka signed the $107 million second tranche loan agreement of an $800 million multi-tranche financing facility to upgrade roads.

“Providing all-weather road access will help link rural communities to socio-economic centres in Sri Lanka, thereby enabling rural communities to reap and enjoy the fruit of economic growth,” said Sri Widowati, ADB’s Country Director in Sri Lanka.

Widowati signed the loan on behalf of ADB while R.H.S. Samarathunga, Secretary to the Treasury, Ministry of Finance, signed for the Government of Sri Lanka.

The $107 million second tranche of the Integrated Road Investment Program, or so- called “iRoad” in Sri Lanka is largely earmarked for the first slice of projects in the Sabaragamuwa Province; Kalutara District of the Western Province; Central Province; North Central Province; and North Western Province, helping provide 9.3 million people with swifter and safer travel.

 

The program will improve road connectivity to the rural hubs. With most of the rural access roads currently in poor condition, improvements will result in time savings and a decrease in large vehicle operating costs.

In addition, all-weather rural access roads will result in significant social benefits and poverty reduction, such as increased agriculture productivity since farmers will be able to get goods to market faster, better access to health services and education, and easier access to jobs.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2014, ADB assistance totaled $22.9 billion, including cofinancing of $9.2 billion.

 

Please Visit The Asian Development Bank     http://www.adb.org/

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