ADB assures fullest support to President’s economic development plans

Asian Development Bank (ADB) Vice President Wencai Zhang yesterday said that the ADB would extend fullest support to the economic development plans initiated by President Maithripala Sirisena’s Government.

The ADB Vice President called on President Sirisena at the Presidential Secretariat yesterday (22) to discuss the Country Partnership Strategy for development assistance for the period 2018-22 for which the ADB has allocated a sum of $ 4 to 5 billion for Sri Lanka.

This year the ADB marks 50 years of cooperation in development activities in Sri Lanka, and Wencai Zhang presented a copy of the book on 50 years of partnership to the President. 

Zhang emphasised the need for speeding up the capital market development to enhance economic growth. 

The ADB Vice President underscored the importance of Sri Lanka’s infrastructure development financing mechanism and added that ADB would provide assistance to infrastructure development.

The President briefed the ADB delegation about the economic development policies with special emphasis on poverty alleviation and Grama Shakthi people’s movement and urged the ADB to extend support to these initiatives, to which Zhang readily agreed. 

He said that Sri Lanka should enhance economic growth by attracting more foreign investments and economic development zones would play a vital role in that.

The ADB has provided assistance worth $ 9 billion in the past 50 years and the President expressed his thanks to the bank. 

Secretary to the President Austin Fernando, ADB Country Representative Sri Widowati, Secretary General of National Economic Council Prof. Lalith Samarakoon and President’s Economic Advisor Dr. Sarath Rajapathirana were also present during the discussion.