President thanks ADB for assistance provided for development

01-4-2President Maithripala Sirisena today thanked the Asian Development Bank for the assistance provided for development projects in Sri Lanka.

Asian Development Bank President Takehiko Nakao called on President Maithripala Sirisena today at the Presidential Secretariat. Nakao arrived in Sri Lanka last night on a two-day official visit.

The President held discussions with Nakao on ADB-funded projects in Sri Lanka. Some of the new projects include 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.

The ADB last week expressed keenness to increase its funding portfolio by more than $1.2 billion in the next three years. A new Country Partnership Strategy is 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 $7.06 billion. The ADB also provided $358 million in grant assistance and $127.78 million in technical assistance to Sri Lanka. (Colombo Gazette)