ADB raises funding for Sri Lanka

All member countries have access to additional borrowing from the Asian Development Bank (ADB) with the increase in General Capital, said ADB Country Representative, Richard Vokes.

Sri Lanka’s funds increased this year from US$ 200 million to US$ 300 million which is aimed at accelerating post war infrastructure development.

The Government requested additional funding from the Bank to support the country’s Balance of Payment (BOP) vital to service imports during the year.

Vokes said the Bank signed a loan agreement for a water supply scheme in Mannar under the dry zone water supply and sanitation program. “ADB has funded a project to develop roads in the North and the East which would help fast track reconstruction activities in the provinces”, he said.

The ADB will fund a project to reconstruct 250 kilometres of road ways in Jaffna under the Northern road network program. The bank will finance the Northern province coastal development project to be implemented in 2011.

Vokes said the ADB has been assisting in the fisheries sector upgrading and relocation of St. John’s fish market under the Aquatic Resources and Quality Improvement project. Work on the new fish market in Peliyagoda which is 50 percent funded by the ADB is progressing well and work is expected to be completed by early next year. The project is estimated to cost Rs. 1,600 million.

- LF