Business Times

ADB to assist Sri Lanka’s post war development

The Asian Development Bank (ADB) is focusing its attention on the post war development in Sri Lanka for funding with special emphasis on the North and East. The ADB is to provide around US$350 million of aid next year, much of it going for the war ravaged North and East. Richard Vokes, Country Director Sri Lanka Resident Mission told a press conference in Colombo last week that "about 60 % of ADB lending over the next three years will be targeted at the North and East, directly or indirectly."

With the end of the war, Sri Lanka now faces a huge task of reconstruction and development of the north and east and the ADB expects to play an important role in infrastructure development in the north and is working on enhanced support to Sri Lanka, he said.

The ADB forecasts Sri Lanka's economy this year to grow by about 4-4.5 % and Sri Lanka should take advantage of improved investor confidence and global economic recovery to achieve a target growth rate over 6% next year, Mr Vokes said.

Briefing on the Sri Lankan economy, ADB lead economist Narhari Rao predicted that that country’s economy would be improved to a great extent with the restoration of peace in the island and the rapid improvement in the tourism industry. The Colombo stock market is also performing well, he said. The notable reduction in inflation from 20% to 2% followed by the Central Bank's decision to bring down interest rates, will contribute immensely towards economic development which is the right move," he added.

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