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| Thursday, 17 June 2004 |
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US$ 230 m ADB aid for development by Manjula Fernando The Asian Development Bank (ADB) has pledged US$ 230 million to Sri Lanka for the second half of this year as development aid, ADB Country Director John Cooney said yesterday. The main focus will be on education development, revenue collection and private sector development, he said. The Country Director was speaking after signing two loan agreements worth US$ 35 million for developing the local road network and a coastal community development project in the East at the Finance Ministry yesterday. Finance Ministry Secretary P.B. Jayasundara signed the agreements on behalf of the Government. Cooney said funding the Eastern Coastal Community Development project (ECCD) reflects their confidence in the peace process between the LTTE and the Government. If the stalled negotiations can be resumed soon, more ADB assistance could be expected for this year. The road facility project worth 20 million US dollars will help the Government a number of projects to develop the road network. It will cover feasibility studies, environmental and social assessments, resettlement plans and bid documents. ADB observes that Sri Lanka has an extensive road network of more than 90,000 km, most of it built more than 50 years ago. Road maintenance, rehabilitation and new construction have not kept abreast with the rapid growth in demand for transport. The ECCD project is expected to uplift living standards and provide basic needs to the Coastal Community in the Eastern province. The project includes preparation of a coastal resource management plan for the East coast and rehabilitation of fishery harbour facilities in Valachchenai and Cod Bay. The two loans have a grace period of eight years and a repayment period of 32 years with 1 per cent interest per annum during the grace period and 1.5 per cent after that. Agreements for a North and East Community Restoration Project worth US$ 10 million was signed between the Government and the ADB on Tuesday. 'The project targets reconstruction work at Chavakachcheri, Kilinochchi and Mullaitivu including the restoration of several hospitals in the region,' Cooney said. "We plan to implement a similar program towards the latter part of this year if the peace talks resume by that time," he added. External Resources Department Director General Sujatha Cooray, Relief, Rehabilitation and Reconstruction Ministry Secretary S.M. Jayasinghe and officials representing Road Development Authority, Ceylon Fishery Harbour corporation, National Development Trust Fund and the North-East Provincial Council were present. |
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