ADB is to fund projects for the next five years.

The members of the Board of Governors of the Asian Development Bank held a discussion with Prime Minister Dinesh Gunawardena on Sri Lanka’s financial requirements for projects for the next 5 years in Colombo yesterday.

Expressing satisfaction over Sri Lanka’s quick stabilisation of the economy after last year’s crisis, they said the ADB would favourably respond to proposed new projects on digitalization and IT, public transport, human resource development and education, water, and small and medium enterprises development.

They also praised the efforts of the government to provide social security support to vulnerable groups in society.

The Prime Minister thanked the ADB for the assistance provided in the last several decades for developmental activities and briefed them about the steps taken by the government for structural reforms, agricultural growth, and relaxation of regulations to attract foreign investments in all sectors of the economy.

He urged the regional funding agency to initiate new projects on areas such as renewable energy, digitalization, and public transport systems, especially the railways.