ADB earmarks $2.8 billion in sovereign loans to Sri Lanka for three years to achieve key development goals
Mon, Apr 30, 2018, 10:19 pm SL Time, ColomboPage News Desk, Sri Lanka.
Apr 30, Colombo: The Asian Development Bank (ADB) says its operations in Sri Lanka will adjust to align with the evolving needs of the country, which is reaching upper middle-income status and has earmarked $2.8 billion in sovereign loans for 2018 – 2020 for the island nation to achieve its key development goals.
While Sri Lanka, since 2006, has more than halved its poverty rate and made good progress in human development, the country needs to maintain its growth momentum and take steps to achieve and sustain quality growth now as it stands on the cusp of reaching upper middle-income status, the Asian lender said in a recent member fact sheet.
The Asian Development Bank says over the next 5 years it will contribute to the Sri Lankan Government’s key development goals of job creation, income enhancement, rural economic development, knowledge formation, and economic diversification (including export development).
During the country partnership strategy (CPS) period from 2018-2022 ADB projects and programs will be adjusted in line with the governments evolving priorities and circumstances.
The CPS will focus on two strategic objectives: (i) strengthen the drivers of growth by diversifying the economy and enhancing productivity, and (ii) improve the quality of growth by promoting inclusiveness.
Priority investments for economic diversification and productivity enhancement will focus on building infrastructure (transport, energy, and urban), developing an economic corridor, and enhancing human capital.
Priority investments to promote inclusiveness will include strengthening agriculture infrastructure and commercialization, improving rural connectivity, improving public service delivery, and expanding access to finance for SMEs.
ADB has worked closely with Sri Lanka since 1966, signing loans, grants, and technical assistance totaling $9.1 billion.