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Last updateSun, 10 Dec 2017 6pm

Local News

ADB grants more aid to the government’s economic and development projects.

Vice President of the Asian Development Bank, Wencai Zhang said that ADB would extend

fullest support to the economic development plans initiated by the government of President Maithripala Sirisena.

ADB Vice President called on President Sirisena at the Presidential Secretariat today  to discuss the Country Partnership Strategy for development assistance for the period 2018-22 for which the ADB has allocated a sum of USD 4 to 5 billion for Sri Lanka.

This year the ADB marks 50 years of cooperation in development activities in Sri Lanka, and Mr Wencai Zhang presented a copy of the book on 50 years of partnership to the President. Mr Zhang emphasized the need for speeding up the capital market development to enhance economic growth. The ADB Vice President underscored the importance of Sri Lanka’s infrastructure development financing mechanism and added that ADB would provide assistance to infrastructure development.

President briefed the ADB delegation about the economic development policies with special emphasis on poverty alleviation and Grama Shakthi people’s movement and urged the ADB to extend support to these initiatives, to which Mr Zhang readily agreed. He said that Sri Lanka should enhance economic growth by attracting more foreign investments and economic development zones would play a vital role in that.

The ADB has provided assistance worth  9 billion US dollars in the past 50 years and the President expressed his thanks to the Bank. Secretary to the President, Austin Fernando, ADB Country Representative Ms Sri Widowati, and top economic were also present during the discussion.