Crew Cut

The Asian Development Bank (ADB) will divert US$ 100 million of a US$ 570 aid package approved for Sri Lanka, to construct a breakwater in the proposed Colombo South Harbor. The Asian Development Bank (ADB) will divert US$ 100 million of a US$ 570 aid package approved for Sri Lanka, to construct a breakwater in the proposed Colombo South Harbor. The ADB approved the aid package on Tuesday, spread over the next two years, according to a Country Strategy and Program (CSP) Update for 2005-2006 endorsed by ADB’s Board of Directors.

The loan amount is based on annual commitments of US$ 90 mn from ADB’s concessional Asian Development Fund (ADF), which assists the Bank’s poorest members, and a total of US$ 390 mn over two years from its ordinary capital resources (OCR).

Final allocations, however, will depend on country performance and resource availability.

The Sri Lankan government still needs some US$ 300 million more to put up the breakwater and is expected to tap other donor agencies for funds.

The Government will also tap the international private sector to build and operate the transshipment hub.

Recently the an ADB sponsored master plan drawn up