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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » ADB earmarks $ 3 b for SL till 2021-31 August 2018

ADB earmarks $ 3 b for SL till 2021-31 August 2018

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ruwan326

ruwan326
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

ADB earmarks $ 3 b for SL till 2021-31 August 2018


  • $ 1 b for nine projects including solar energy, infrastructure, health and irrigation
  • $ 75 m in SME loans under ‘Enterprise Sri Lanka’
  • Active portfolio of $ 4 b for 35 projects 
  • Upbeat about FTAs, says trade deals not seen in isolation but as tools to boost growth 
  • Views National Export Strategy and Enterprise SL as initiatives significantly contribute to mobilise more private sector investments in the coming years
  • Says FDIs still very low, asserts need to assist Govt. in improving Doing Business Index ranking 
  • Concerned over low growth, but backs Govt.’s fiscal consolidation 
  • Forecasts GDP to grow at 4.2% this year and 4.8% in 2019


 
The Asian Development Bank (ADB) yesterday reiterated its commitment to support Sri Lanka’s continued development drive to achieve inclusive growth, earmarking $ 3 billion over the next three years, in line with its renewed long-term corporate blueprint ‘Strategy 2030’ for a slew of projects including infrastructure, energy, health, fisheries and education.   

Concluding a three-day visit to Sri Lanka, ADB Vice President Wencai Zhang reaffirmed that they would further strengthen its country-based approach to Sri Lanka. “From 2019 to 2021, our commitments will total $ 3 billion, where we plan to disburse $ 1 billion each year for development of ports, railways, roads, secondary and higher education, electricity transmission and distribution, fisheries, irrigation, wastewater management, drinking water, sanitation and support Small and Medium Enterprise (SME) projects in Sri Lanka,” he told reporters yesterday.

ADB expectsto sign a total of $ 1 billion to finance nine projects during this year which include rooftop solar energy, a Mahaweli water security investment program, SME line for credit (additional financing), skill sector enhancement program, health system enhancing, elevated highway, urban project –preparatory facility, a fisheries development, science and technology and human resource development project. 

As at 31 July 2018, ADB’s active project portfolio in Sri Lanka stands at 35 projects with a net loan of $ 3.9 billion.
Cont---- http://www.ft.lk/top-story/ADB-earmarks----3-b-for-SL-till-2021/26-661957

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