Asian Development Bank ADB is a powerful Sri Lankan development partner since 1966. In an effort to shift Sri Lanka’s Ferrovial into the future, the Bank will provide the US $160 million in support of the rail efficiency enhancement project. According to Sri Widowati, the country director for ADB in Sri Lanka, debates have concluded regarding the suggested project and ADB hopes that the project will soon be approved by the Sri Lankan Government.
This initiative will promote instant improvements in activities, maintenance, security, and growth of abilities by enhancing the efficiencies of rail activities and addressing important railway network bottlenecks by modernizing the telecommunications system. In addition, the Kelani Valley Railway Line Improvement Project will be expanded by ADB. ADB is anticipated to expand the Sri Lankan transport, trade, and logistics industries through these initiatives and thus provide much-needed possibilities for jobs, connectivity and many more.
ADB thinks that enhanced road and railway connectivity will have beneficial outcomes, especially in rural regions, through more jobs, better farmer price rates, better healthcare services, and indicators, better rural school enrollment. In addressing the general activities in Sri Lanka of ADB, in particular, Sri Widowati has stressed the need for a transportation sector to be developed in Sri Lanka in order to better attain the country’s social financial objectives.
In addition, she reiterated ADB’s commitment to developing the country’s growth-oriented infrastructure and logistics facilities to generate prosperity and foster inclusiveness in quoting the transport industry as an economic backbone.
Furthermore, ADB has created an enormous investment in the integrated Road Investment (iRoad) program to connect rural homes with the major financial operations in cities, in cooperation with the Government of Sri Lanka. Through this project, ADB aims to ensure the social, economic and environmental well-being of the vast rural populations in each province within the country while increasing their quality of life.
In a further comment, she said that in Sri Lanka, ADB’s cumulative sovereign lending amounted to US$ 9.3 billion between 1966 and June 2019. The transportation industry has the highest share of assets of this US$ 9.3 billion, or 29% of total loans, while Energy, Water, and Urban Development, Agriculture, Natural Resources and Rural Development, Educational and Public Sector Management, are 16%, 14%, 12%, and 10% respectivamente. Moreover, industry and trade represent 3 percent, 1 percent, and 16 percent respectively, of the multisectoral and health industries.
With regard to ADB’ s overall investment in transport, ADB has spent over US$ 2.681 million on 28 transport-related projects and supplied US$ 16 million in 26 technical aid grants.
