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President’s Philippines tour reaps benefits; Sri Lanka to get 455 million Dollars from ADB

ITN News Editor
By ITN News Editor January 17, 2019 18:56

President’s Philippines tour reaps benefits; Sri Lanka to get 455 million Dollars from ADB

The Asian Development Bank has agreed to provide 455 million US Dollars on behalf of three leading projects in Sri Lanka. This agreement was reached when President Maithripala Sirisena on a tour of the Philippines met the Asian Development Bank Chief Takehiko Nakao.
President Maithripala Sirisena who is on a four day state visit to the Philippines undertook an observation tour of the Asian Development Bank Headquarters in Manila this morning. During talks held with the ADB Chief Takehiko Nakao agreement was reached to provide a loan assistance of 300 million US Dollars for the construction of a road with towers to enter the Colombo Harbour. This agreement has been expressed within the economic cooperation provision policy framework for the South Asian Sub Zone of the Asian Development Bank. In addition the Asian Development Bank has agreed to give 145 million US Dollars to Sri Lanka on behalf of a Science, Technology and Human Resources Development Project. Agreement has also been reached to grant 10 million US Dollars for a technological aid supply scheme on behalf of a feasibility study on urban development project. MOUs related to these agreement were signed by President Maithripala Sirisena and Asian Development Bank Chief Takehiko Nakao.
Expressing his views, the President said that Sri Lanka is facing two challenges and these were alleviating poverty and eliminating the narcotics racket. The Asian Development Bank Chief said that he would explore the possibility of providing the necessary modern technology and expert technological knowhow to prevent the smuggling in of narcotics.
The President further underscored the need for a more streamlined programme for Sri Lanka to face the drought and flood situations. The ADB head consented to expressing support for projects to minimize the damage inflicted to Sri Lanka from climate and weather calamities.
The Asian Development Bank is already supporting Sri Lanka in various spheres including energy conservation, agriculture, infrastructure, weather, environment and forest conservation. The ADB Chairman said that he would extend continued support in this respect. Also Takehiko mentioned that he expected to extend support in the future for new projects in the irrigation, highways and digital infrastructure development fields. He further said that he is satisfied over the progress achieved by Sri Lanka in the health sector and also for projects required to improve the tourism industry.
The President and the ADB Chief discussed the need for an immediate programme to prevent the harm done by animals to cultivation of local crops.

ITN News Editor
By ITN News Editor January 17, 2019 18:56