ADB to triple lending for education in Sri Lanka

Sep 29, 2015 (LBO) – The Asian Development Bank says they will triple lending to one billion US dollars for education and will also help develop the islands capital markets.

“In line with the governments initiative to increase spending on education to six percent of gross domestic product we plan to triple lending for education to one billion US dollars over the next five years,” Wencai Zhang, vice president operations of the ADB said.

“We have earmarked some science and technology and other technical training programs as part of this program,” he said.

“This will allow the youth to enter the skilled labour market and in turn help the country to move towards a knowledge-based economy, which is the new government’s vision.”

He was speaking at a press conference in Colombo to announce ADB’s partnerships with the new government.

“We will continue to support infrastructure projects our conventional instruments but also add railways to our operations and may be even some budgetary support,”

“During today’s discussions with the government we talked about partnerships to develop the islands capital market and also the SME sector.”

Overall the Bank plans to increase lending to Sri Lanka to 2 billion US dollars over the next three years.

“Starting 2017 we want to increase our lending to developing countries,”

“So we are planning to do more projects here and increase our annual lending.”

“We are waiting for the new government to formulate their new policies so that we (ADB) can match the country strategy.”