The ADB, which has provided $1.5bn to Sri Lanka over the last three years mainly focusing on basic infrastructure has now expanded its support to expressways, railway upgrades, power generation and building economic corridors to accelerate industrialization.
ADB officials said this marks a re-orientation of the bank’s operations to meet the evolving needs of Sri Lanka as it moves towards upper-middle-income status.
As well as infrastructure, while making human resource development to remain a key focus of its operations in the country.
Support to the education sector expansion covering new areas to help Sri Lanka build a knowledge economy.
This will include support for college level education as well as science and engineering skills development.
A $500m agreement has been signed to develop a container terminal in the country’s Colombo Port through a public-private partnership.
The project, a partnership between the ADB and the Sri Lanka Ports Authority, will include the operation of an existing 400m deep water docking site and the design, construction, operation and maintenance of a further 800m docking site.
The terminal will maintain Colombo’s strategic position as a key trans-shipment hub for global and regional trade, officials said.