AfDB to increase SL concessional loan amount to $ 1 billion next year


The Managing Director of the Asian Development Bank (ADB) for the South Asia Department, Kenichi Yokoyama, assured President Gotabaya Rajapaksa that the ADB will support the promotion of small and medium enterprises (SMEs).

The Asian Development Bank (AfDB) last year granted a concessional loan of $ 750 million for projects in Sri Lanka. Mr. Yokoyama said the AfDB will take steps to increase this amount to $ 1 billion next year.

The Director General made the remarks when he met President Rajapaksa at the Presidential Secretariat today (05). Mr. Yokoyama further noted that the success of the COVID-19 vaccination campaign demonstrates Sri Lanka’s ability to overcome challenges.

The President stressed that the entire civil service and the health and safety sectors have worked together to make the vaccination program and the COVID eradication process a success. The government’s goal is to reduce the use of fossil fuels and move towards the use of renewable energy sources. A number of solar and wind energy production projects have been planned for this purpose. The government has also made the political decision to use organic fertilizers. The President also requested the intervention of Mr. Yokoyama to provide technical assistance for the production of organic fertilizers and nitrogen extraction.

The government’s objective is to raise the incomes and standard of living of those who represent 90% of the rural population who engage in agriculture. The President also stressed the need to increase forest cover through economically viable crops and requested assistance from the Asian Development Bank. (PMDNEWS)


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