COLOMBO: Sri Lanka is slated to get US $ 1 billion from the Asian Development Bank (ADB) as financial assistance in 2017, a Finance Ministry press statement said.
The commitment for increased aid was made by ADB Executive Director Won-Mok Choi during a meeting held on Tuesday with Finance Minister Ravi Karunanayake in the Parliamentary Complex, the statement noted.
The aid, in the form of a soft loan, will mainly be channelled for the development of highways, water supply and small and medium-scale enterprises.
Since 1960, the ADB has stepped into support various development initiatives in the country, which has been usually in the range of US $ 500 to 700 million.
“However, taking cognizance of the favourable environment in the country for development, the ADB has decided to increase the allocation,” the statement said.
