ADB President meets MS:Discuss ADB-funded projects

Asian Development Bank (ADB) President Takehiko Nakao who was on a two day official visit to Sri Lanka called on President Maithripala Sirisena today at the Presidential Secretariat where they held discussions on ADB-funded projects in Sri Lanka.

Some of the new projects funded by the ADB included a Rural Electrification Project of $70 million, an SME Credit Line of $100 million and a Local Government Enhancement Sector Project costing of $40 million, Presidential Media Division said in a statement.

It said the ADB last week expressed keenness to increase its funding portfolio by more than $1.2 billion in the next three years and that a new Country Partnership Strategy was also on the cards to cover the period 2017-2021.

“As of July 2015, ADB approved a total of 194 loans, to Sri Lanka, both sovereign and non sovereign, with cumulative lending of $7.06billion. ADB also provided $358 million in grant assistance and $127.78 million in technical assistance projects,” the statement said.