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| Sunday, 10 March 2002 |
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ADB opens new resident mission in Colombo The Asian Development Bank (ADB) opened its resident mission in Colombo last week. It was inaugurated by ADB President Tadao Chino, who was in Sri Lanka for the event, and Minister of Finance K. N. Choksy. Addressing the gathering, Chino said that the resident mission had a key role to play in ensuring that ADB's US$1 billion portfolio of ongoing projects in Sri Lanka are being implemented efficiently to achieve their development objectives. ADB's country strategy for Sri Lanka will focus on creating opportunities for pro-poor economic growth, strengthening the social protection system, and empowering the poor and strengthening governance. ADB will also continue to support the government in pursuing critically important policies and institutional reforms needed to encourage private sector investment. Sri Lanka's future economic and social development will depend not only on maintaining sound macro-economic management and accelerating privatisation, but more importantly, on the country's ability to resolve the ongoing conflict and implementing key structural reforms. As the peace process progresses. ADB will also assess the feasibility and timing of a direct rehabilitation programme. ADB, a regional development bank with 59 members, is headquartered in Philippines. Its over-arching goal is to reduce poverty by promoting economic and social progress in the Asia-Pacific region. Sri Lanka is one of ADB's founding members and the Sri Lanka Resident Mission was established in 1997. It is headed by a Country Director and has a staff of 15, including 13 Sri Lankans. Since ADB started operations in Sri Lanka in 1968, US$2.7 billion has been provided to 105 development projects covering sectors such as agriculture, health, education, transport, energy and urban and private sector development. |
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