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Wednesday, 14 December 2011

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ADB promoting entrepreneurs

To invest in renewable energy products:

The Asian Development Bank (ADB) is promoting entrepreneurs to invest in renewable energy projects in Sri Lanka said ADB Country Director Rita O. Sullivan.

She said that the country could benefit by encouraging renewable energy projects and the ADB would even look at investing around 25% for a good project proposal. She said that the ADB is especially keen on the solid waste, solar, wind power and bio fuel projects.

Country Director at a tree planting ceremony, in view of the World Environment Day.

Speaking to Daily News Business last morning she said that a technical team would be in Sri Lanka early next year who could be of assistance towards achieving this target.

Commenting on the North East development she said that today one could feel development taking place in the area. However, she said that the roads should be developed to reap the economic benefits of the area. “If the read sector is further developed and the rail link extended to Jaffna more development could be witnessed in Jaffna,” she said.

Trincomalee could see massive development taking place with the development taking place in the Trincomalee Port.

These areas have an abundance of land and also cheap labour in contrast to other areas where there is talk that workers would be brought from Bangladesh to work in development projects.

She said that annually the ADB allocates around US $ 300 million for Sri Lanka and this would continue next year.

Sullivan also commented that in Australia, plumbers and electricians get paid more than doctors and engineers and this culture should come to Sri Lanka where blue collar workers get better respect from society.

Sri Lanka also received a $ 120 million ADB loan to help expand and improve its power network to deal with rising demand and gaps in coverage. ADB’s Board of Directors approved the loan, along with a technical assistance grant for the sustainable power sector support project which will be used to build new transmission lines, strengthen distribution systems in rural areas, and to electrify about 12,000 households in remote villages. The ADB also granted $ 90 million for Jaffna, Kilinochchi water supply and sanitation project recently.

The main objectives of the Jaffna and Kilinochchi water supply and sanitation project was to improve water supply services in Jaffna and Kilinochchi districts supplying 60,000 new water connections servicing nearly 300,000 persons and provide sanitation infrastructure for residents in the Jaffna Municipal Council area connecting 20,000 households to the sewer network. The total cost of the project will be $ 164.04 million.

 

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