ADB Boosts Sri Lanka Funding to USD 480 Million, Fast-Tracks USD 200 Million

COLOMBO (News 1st); The Asian Development Bank (ADB) has agreed to increase the funding approved for Sri Lanka this year from USD 380 million to USD 480 million, and to fast-track the release of USD 200 million in view of the prevailing situation.

This was disclosed during a meeting held this afternoon (24) at the Presidential Secretariat between President Anura Kumara Dissanayake and a delegation led by ADB President Masato Kanda, who is currently on an official visit to Sri Lanka.

During the meeting, extensive discussions were held on how the Asian Development Bank could support Sri Lanka in achieving its future development objectives.

President Dissanayake stated that the government expects ADB assistance for its programme to rebuild the country following the recent disaster situation.

ADB President Masato Kanda commended the government’s efforts to maintain economic stability despite the post-disaster conditions and the current conflict situation in the Middle East. He said the ADB is prepared to provide all necessary support for rebuilding infrastructure damaged by Cyclone Ditwah.

President Dissanayake, meanwhile, expressed appreciation for the assistance already provided by the ADB during the Cyclone disaster, as well as for the bank’s broader development cooperation with Sri Lanka. He said the current government’s objective is to maintain economic stability while achieving sustained economic development.

ADB President Kanda noted that he had the opportunity to personally observe the damage caused by Cyclone Ditwah. He also said the bank is ready to support programmes aimed at protecting water systems in the central highlands to prevent similar situations from occurring in the future.