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Philippines,Sri Lanka : ADB Provides Further Financing for Rural Road Connectivity Program in Sri Lanka
Publish Date : 15-Nov-2019
The Asian Development Bank (ADB) and the Government of Sri Lanka today signed a $150 million Tranche 2 loan agreement for the Second Integrated Road Investment Program to continue ADBs assistance to upgrade Sri Lankas rural road network, thereby connecting vast rural populations to jobs and services.
Secretary to the Treasury of the Ministry of Finance Mr. R.H.S. Samaratunga signed the loan agreement for the Government of Sri Lanka and the Officer-in-Charge of ADB's Sri Lanka Resident Mission Ms. Manjula Amerasinghe signed on behalf of ADB. A project agreement was also signed between ADB and Mr. Nihal Sooriyarachchi, the Chairman of the Road Development Authority, the projects implementing agency.
Under the Second Integrated Road Investment Program, which was approved by ADB on 29 September 2017, about 3,400 kilometers (km) of rural access roads and 340 km of national roads in the Eastern, Northern, and Uva provinces as well as a part of the Western province will be rehabilitated and improved. The program will also improve the capacity of the countrys road agencies for road safety, maintenance, research, design, and construction.
The program, which is due for completion in 2027, will deliver financing in five tranches until 2021. This is the second of such tranches. The government will meet $21.8 million of the second tranche program cost.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members49 from the region.