The Asian Development Bank, on Tuesday finalised plans to raise its lending assistance to Sri Lanka to US$ 700 million over the next three years.
The extended assistance is part of the Country Strategy and Program (CSP) for 2004-2008, approved by ADBs Board of Directors.
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rnThe proposed lending level represents a $100 million increase over the amount allocated for the last planning cycle (2003-2005), to answer the countrys reconstruction and development needs as it recovers from the effects of the two-decade long civil conflict. rn
rnThe timing and magnitude of the assistance program will be responsive to the developing peace process and the country performance, the ADB said in a statement on Tuesday.rn
rnCSPs define ADBs medium-term development strategy as agreed with the country. rn
rnA CSP update is prepared every year taking into account the continued relevance of the CSP, its implementation, and ADBs operational program for the next three years.rn
rnThis CSP is closely linked to the T