Sri Lanka to get $300mn a year for infrastructure from ADB

Apr 07, 2011 (LBO) – The Asian Development Bank would finance Sri Lanka with about 300 million dollars annually over the next few years, with roads, water supply and sanitation getting attention, officials said. In the past three years Sri Lanka had got nearly a billion dollars of Asia Development Financing, with a peak of 457 million dollars in 2010 with emergency financing for former war torn areas.

Country director Richard Vokes said actual disbursements may fall off slightly with financing for port expansion in Colombo coming to an end, but a new 5-year country assistance strategy now being developed.

ADB financed a 300 million dollar breakwater to expand Colombo port in which the first terminal concession which may bring 500 million dollars of private investment has already been awarded.

ADB is also funding the power sector. Sri Lanka is expecting to provide power to all households by 2012.

“Going forward the expected lending level would be about 300 million dollars a year,” Vokes told reporters.

“These may change towards the latter part of the 5-year period.” ADB Thursday formally hands over a section of Sri Lanka’s Southern highway financed by the bank to the island’s road devel