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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » ADB to enhance development assistance in Sri Lanka

ADB to enhance development assistance in Sri Lanka

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Jun 25, 2012 (LBT) - Asian Development Bank’s new Director General for South Juan Miranda will arrive today on a three day visit during which he is expected to meet with Government officials and representatives from the private sector to discuss ADB’s development assistance to Sri Lanka. Sri Lanka Finance Ministry officials said that Miranda is scheduled to have consultations with senior Government officials from key ministries on ADB’s operations in Sri Lanka, while pledging ADB’s continued support for the Government’s efforts to promote inclusive and sustainable growth. During this visit, Miranda will also hold discussions with executives of private companies at a roundtable session organised by the Ministry of Finance and Planning.

This is Miranda’s first visit to Sri Lanka since taking up the position of Director General of ADB’s South Asia Department in April this year. As Director General of ADB’s South Asia Department, he is responsible for leading ADB’s operations in Sri Lanka and five other countries, which are India, Bangladesh, Nepal, Bhutan and Maldives. Prior to current appointment, Miranda was the Director General of ADB’s Central and West Asia Department. He was previously in charge of ADB’s Innovation Efficiency Initiative tasked with driving efficiency in the business cycle and the development of new financial instruments. Miranda has also previously worked in investment and commercial banking in Asia, Europe and Latin America, specialising in project finance.

Sri Lanka is a founding member of ADB in 1966 and as of 31 December 2011 ADB has approved a total of 162 loans with a cumulative lending of 5.32 billion U.S.Dollars. In addition to this ADB has provided 356 million U.S.Dollars grant assistance (including ADB administered co financed grants) for projects and114.8 million U.S.Dollars through 249 technical assistance grants. ADB’s assistance to Sri Lanka during the next three years will be around 300 million U.S.Dollars a year. 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.
http://www.lbt.lk/news/business/2148-more-aid

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