The Asian Development Bank pledged to allocate up to US $5 billion over the next five years in efforts to move Sri Lanka to an upper middle income country reports sundaytimes.lk.
The bank’s Country Director Sri Widowati told press that the assistance would aim to strengthen drivers of growth and improve the quality Sri Lanka’s growth.
A senior economist at the ADB Tadateru Hayashi said,
“We feel that the basic infrastructures is developed and the road density is the best in South Asia.”
The ADB currently has 31 ongoing projects worth a total of $3.4 billion in Sri Lanka. It has also approved in principle approximately $5 billion funding for a bridge to connect the Northern Province and Rameswaram in Tamil Nadu.