Sri Lanka secures US$ 60mn ADB loan for urgent road development work

29 November 2023 07:09 am Views - {{hitsCtrl.values.hits}} 3 Bookmark

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Sri Lanka is set to borrow US$ 60 million from the Asian Development Bank (ADB) under the Second Integrated Road Investment Programme – Tranche 4.
The Cabinet approval to obtain this loan was granted this week.
According to the Finacne Ministry, the funds will be allocated to address urgent works on ongoing and incomplete road sections as part of the broader Integrated Road Investment Programme, aimed at enhancing road safety and minimising public inconvenience.

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

The loan agreement was officially signed yesterday by Mahinda Siriwardana, Secretary, Ministry of Finance, Economic Stabilisation and National Policies, and Takafumi Kadono, Country Director, ADB Sri Lanka Resident Mission, representing the respective parties.

Comments - 3

Sambo Wednesday, 29 November 2023 07:40 AM

Borrowing, Borrowing is the only name of the game and the share is credited to ministers and officers.

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Money, money money - I’m rubbing my hands Wednesday, 29 November 2023 07:42 AM

Excellent!! Now, do you want my bank details for my cut?

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Amaran Wednesday, 29 November 2023 08:17 AM

Please please complete the SLAVE ISLAND (Colombo 2) FLYOVER BRIDGE at train station.

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