8 June 2023 02:22 pm
Sri Lanka will be able to speed up its efforts in reviving its economy as it has obtained much-awaited approval from the Asian Development Bank (ABD) to access concessional financing.
“Sri Lanka is now eligible for ADB support including concessional and market-based financing, technical assistance, policy advice, and knowledge solutions that together comprise a comprehensive suite of options to address the crisis,” said the ADB in a statement today.
"The availability of concessional assistance, offered at low interest rates, broadens Sri Lanka’s options to bridge its urgent development financing needs to restore economic stability and deliver essential services, particularly to the poor and vulnerable," it added.
In May, Sri Lanka requested the ADB to reclassify the island nation so that it can have access to low-interest concessionary loans.