SL secures USD 60 Mn financial assistance from ADB

28 November 2023 01:53 pm Views - {{hitsCtrl.values.hits}} 28 Bookmark

A A A

Colombo, Nov 28 (Daily Mirror) - The Government of Sri Lanka is set to borrow USD 60 million from the Asian Development Bank (ADB) under the Second Integrated Road Investment Programme – Tranche 4.

The funds will be allocated to address crucial works on ongoing and incomplete road sections as part of the broader Integrated Road Investment Programme, aimed at enhancing road safety and minimizing public inconvenience.

The loan, provided by ADB's Concessional Ordinary Capital Resources, forms a part of the total estimated investment cost of USD 68.5 million for the 4th tranche. The Government will bear USD 8.5 million of this cost.

The loan agreement for the Second Integrated Road Investment Programme – Tranche 4 was officially signed today by K.M. Mahinda Siriwardana, Secretary, Ministry of Finance, Economic Stabilization and National Policies, and Takafumi Kadono, Country Director, ADB Sri Lanka Resident Mission, representing the respective parties.

Comments - 28

Buddhist Tuesday, 28 November 2023 05:23 PM

Govt will give this money to MPs to develop roads so that they can buy votes

0 0

Dan Tuesday, 28 November 2023 05:38 PM

Way to go. Keep borrowing.

0 0

Jayantha Tuesday, 28 November 2023 05:43 PM

Uselss loan. Wasting money and making unnecessary debt

0 0

Hard truth Tuesday, 28 November 2023 05:56 PM

Maga naguma pocket.

0 0

Kps Tuesday, 28 November 2023 06:15 PM

Hope this is not a loan. As long as we don’t have to pay back, let’s celebrate.

0 0

Ruwan Tuesday, 28 November 2023 06:17 PM

Thank you Ranil. Now the country can get back to it's suspended work on road infrastructure.

0 0

Premalal Perera Tuesday, 28 November 2023 06:27 PM

Loans loans and more loans. Something must be rotten despite the President's boasts.

0 0

Sam Silva Tuesday, 28 November 2023 06:41 PM

Need the money for the government servants pay hike.

0 0

Mahila Tuesday, 28 November 2023 07:08 PM

What Prosperous Business, Tarring, Paving Roads???

0 0

Colombo Citizen Tuesday, 28 November 2023 08:12 PM

Good that our roads are improved. Unfortunately, we can't get the expected results due to lack of discipline amongst road users. From three wheelers to Mercedes, buses, trucks, all are driven by brainless, senseless drivers.

0 0

Speedy Gonzales Thursday, 30 November 2023 08:56 PM

Did you say "... lack of discipline amongst road users"? All road users are guilty of this, not only 3 wheelers, buses, trucks etc. I am holidaying in SL at the moment and I'm appalled at how every driver weaves in and out of traffic. How can anyone maintain a smooth flow of traffic?

0 0

shan Tuesday, 28 November 2023 08:15 PM

Peanuts, .. Where are the billions robbed ?

0 0

Daily Mirror Humbug useless to give name Tuesday, 28 November 2023 09:53 PM

Why the hell most of critics are against lending for US Dollars from ADB , WB, IMF. None of these bloody pundits give means of having the Dollars into Country that's needed for development . We don't have any substantial raw materials, or machines or foreign exchange. So tell your solutions They are a set of Media mafia . Look like financed by Mah- a- rajah waiting for their Puppeteer to come to power, who has no economic knowledge.

0 0

Dee Tuesday, 28 November 2023 10:38 PM

This may be used to feed the unproductive bleeding society! And midwives will work hard towards propagating that unproductive society! End result- SL shall remain a ‘third world country’!

0 0

Gb Wednesday, 29 November 2023 12:27 AM

Ranil wants to build a road to his village like rajapskes did

0 0

Pantha Wednesday, 29 November 2023 01:30 AM

This money will be used to the welfare of the MPs and their families. In our banana republic the benficiaries are the MPs.

0 0

Kathir Wednesday, 29 November 2023 01:32 AM

All cunning pick pockets culprits undervRanil are going to pickup what they can

0 0

dotv Wednesday, 29 November 2023 01:52 AM

I am confused ..the story line says financial assistance ..and reading further it says 'The Government of Sri Lanka is set to borrow USD 60 million from the Asian Development Bank (ADB)' so the bank is lending ..and its a loan that needs repayment ..a loan to be used road investment that does not show direct return to pay back the loan .. ..Is the country wise to pursue this policy ?.

0 0

Punchi Wednesday, 29 November 2023 03:04 AM

At the end of WW2 the mighty hero Stalin winner of WW2 asked for $50 billion US dollars in reparations from Germany. US president Truman refused saying hat the value of all the assets including land in Germany is substantially less than USD 50 billion that Stalin asked for. One day our international borrowings which contributes to funding our bloated public service, parliaments security establishment, corruption, maintain our apartheid type of society etc may exceed that of the entire value of the land and assets in our paradise

0 0

Nihal S Wednesday, 29 November 2023 04:21 AM

Will this go through RDA? What is the accountability framework? Many half completed roads are throughout the country under previous stages of the program - not delivering program objectives.

0 0

Rishan Wednesday, 29 November 2023 04:45 AM

At least complete the road between kaduwela wellamplitiya low level road expansion. Still there are incomplete manholes , no lights , no center pavements and one more final carpet layer to finish I guess ... also don't try to open the road before PE or GE ...

0 0

Jude Wednesday, 29 November 2023 05:45 AM

SL gonna bankrupt again, Coz can't pay back all these Loans. Or the next step gonna be restructure the debt load.

0 0

Jude Wednesday, 29 November 2023 05:48 AM

SL government eternally borrowing, from IMF world Bank ADB China India and Bangladesh huh. When this nonsense gonna stop!???

0 0

lalith Wednesday, 29 November 2023 02:59 PM

Borrowing will stop when people ask government about use of funds for development when srilanka citizens need not escape to other countries

0 0

ANNECUNT Wednesday, 29 November 2023 07:30 PM

Nerupuma is comming to ro the money /arteffects

0 0

ANNECUNT Thursday, 30 November 2023 03:46 PM

how much is going to rajapaksas hora pockets

0 0

Kumara Friday, 01 December 2023 11:29 AM

This is the good time for PEMASIRI the Hora Detuwaa to come back!!!!

0 0

Foot note Saturday, 02 December 2023 05:04 PM

To earn $$ through competitive production and exports, country need a new solid mandated leadership free from myths, thuggery and corruption.

0 0

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.