Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* ADB approves $10 million technical assistance loan to improve urban projects in Sri Lanka
Thu, Sep 20, 2018, 01:59 pm SL Time, ColomboPage News Desk, Sri Lanka.

Sept 20, Colombo: The Asian Development Bank (ADB) announced that its Board of Directors has approved a $10 million technical assistance loan to finance the establishment of a facility that will help improve the design and implementation of urban projects in Sri Lanka, particularly with climate resilient and inclusive features to make cities more livable.

"Urban projects are complex and require meticulous and significant preparation time to ensure they deliver their intended development impacts," said ADB Senior Urban Development Specialist Mr. Ron Slangen. "The ADB-supported facility will ensure urban projects rolled out in the country are impactful, sustainable, and beneficial to the people of Sri Lanka."

There is a need for better and more timely delivery of urban infrastructure services in Sri Lanka, with more than 20% of the country's population living in cities that contribute about 40% of gross domestic product. However, based on ADB's experience in Sri Lanka, there is a need to strengthen long-term strategic investment planning and engineering capacity in urban departments to meet the increasing challenges of urbanization.

These factors have posed issues to Sri Lanka's development as they limit the number of readily available investment-grade projects, result in implementation delays, and ultimately affect the timely delivery of benefits to the people.

The facility, financed by ADB's ordinary capital resources, will strengthen project readiness and institutional capacity in Sri Lanka's urban sector through advanced feasibility studies and detailed designs that incorporate climate and disaster resilience as well as gender-friendly features in up to 29 cities. It will also provide advanced implementation support through the preparation of bidding documents for advanced contracting and safeguard documents for ensuing pipeline projects.

A $1 million technical assistance for Capacity Building for Secondary Towns and Strategic Cities attached to the facility, meanwhile, will strengthen the institutional capacity of project agencies to design and manage urban infrastructure projects, as well as urban governance improvement programs applying best practices.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 67 members - 48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in co-financing.

 

ColomboPage - Recent 10 Stories ::
Study recommends integrating top SME institutions into an apex body, SME Industrial Zone
-- [7 minutes ago]
Sri Lankan President takes a jab at the leadership of the coalition party
-- [9 hours ago]
Sri Lanka's New Chief Justice pledges to protect independence of judiciary
-- [9 hours ago]
'Galle Dialogue' international maritime conference gets underway in Sri Lanka
President donates Rs. one million to student Gihan Hettiarachchi who made a rocket
Sri Lanka nationwide inflation declines to 0.9 percent in September 2018
Sri Lanka introduces Business to Consumer direct transaction under E-commerce
Sri Lanka Ministry of Finance justifies divestiture of Hyatt and Hilton Hotels
Sri Lankan government allows private sector to maintain bonded warehouse for imported goods clearance
Sri Lanka hosts investment forum in London to attract FDI into the Western Region Megapolis Master Plan

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.