Coastal Trip

CEAT Kelani Holdings Managing Director Ravi Dadlani (right) and Lanka Ashok Leyland CEO Umesh Gautham exchange the OEM agreement

The Asian Development Bank has come forward with a US$ 20 mn loan to uplift the living standards of people in the Eastern Province.
The loan, for the North East Coastal Community Development Project, will help conflict-affected coastal communities in the three eastern districts – Trincomalee, Batticaloa, and Ampara – improve livelihoods on a sustainable basis and strengthen community management of natural resources, the Manila based Fund said Wednesday. rn

rnThe project will also build government capacity for resource management and planning.rn

rnThe total project cost is about US$ 28.4 mn, to which the government will contribute US$ 5.6 mn and the beneficiaries US$ 1.3 mn. The Dutch government chips in with US$ 1.5 mn to provide grant assistance to support capacity building in environmental protection and monitoring. rn

rnADBs loan accounts for 70 percent of the project cost and comes from its concessional Asian Development Fund, with a term of 32 years, including a grace period of eight years.

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