Cabinet nod to borrow US $ 250mn from ADB to develop capital market

8 September 2016 12:02 am - 0     - {{hitsCtrl.values.hits}}

A A A

The Cabinet approval has been given for the Finance Ministry to start negotiations for a US $ 250 million loan with the Asian Development Bank (ADB) to improve Sri Lanka’s capital market. 


“(The loan is) for the development of an efficient, fixed and transparent capital market with a strong regulatory framework, with the view of collecting financial resources required for the economic development productively through the Sri Lankan capital market,” a Cabinet statement said.

The loan is to come as part of US $ 650 million in additional funding facilities opened by the International Monetary Fund when it decided to provide Sri Lanka with a US $ 1.5 billion three-year Extended Fund Facility attached with heavy fiscal reforms, this June.


ADB Operations 1 Vice President Wencai Zhang, who visited Sri Lanka in July, had said that the ADB was willing to fund Sri Lanka for capital market reforms.The government is hoping to make Sri Lanka a mini financial hub for Asia and is pushing for fiscal and monetary reforms required to reach this status.

 

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Credentials of official raise controversy

Amila Ishan Kankanamge, the Government appointed non-Executive Director to Mo

How the SLAF killed the LTTE’s “Smiling Cobra” in an air strike

More than eleven years have passed since the war between the Sri Lankan Armed

Sri Lanka in CT Level 3, health experts

As Sri Lanka witnessed the highest number of deaths in a single day and with

How Covid-19 is further marginalising the vulnerable

Although the COVID-19 pandemic was initially described by many as a “great

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.