gov lk large

 

Financial Assistance of USD 50 million from the Asian Development Bank (ADB) Strengthening the Pradeshiya Sanwardana Bank (Regional Development Bank – RDB) Project 

 

DSC 9515

The Government’s vision 2025 – A Country Enriched policy document has identified the importance of enhancing the access to finance for the micro, small and medium enterprises. Accordingly, the Government launched the “Enterprise Sri Lanka” Loan Schemes on an Island-wide basis in 2018, to create an entrepreneurial society, particularly amongst our youth, by providing access to capital at concessionary interest rates. In this context, the Government facilitated the Pradeshiya Sanwardana Bank, by providing a sovereign guarantee, to obtain a loan amounting to USD 50 million from the Asian Development Bank which is operating island wide providing financial and advisory services to Micro, small and medium enterprises. 

The project will increase employment opportunities in micro, small and medium enterprises.  Accordingly, the RDB’s capacity to serve its micro, small and medium enterprise clients will be strengthened by expanding RDB operations, strengthening RDB’s operational capacity and enhancing the capacities of micro, small and medium enterprises to access financial services.   

In this connection, Dr. R H S Samarathunga, Secretary to the Ministry of Finance on behalf of the Government of Sri Lanka and Ms. Sri Widowati, Country Director of ADB Sri Lanka Resident Mission on behalf of ADB, signed the Guarantee Agreement on 14th June, 2019 at the Ministry of Finance. In addition, Mr. Sujith Prasanna Kariyawasam, Chairman of RDB and Mr. Thetchanamurthy Kuhan, General Manager / Chief Executive Officer (Acting) on behalf of the Regional Development Bank and Ms. Sri Widowati, Country Director of ADB Sri Lanka Resident Mission on behalf of ADB, signed the Loan Agreement to obtain a loan of USD 50 million on 14th June, 2019 at the Ministry of Finance. 

   

 

 

 

Two loan facilities for Road and Railway sector development of the country.

 

Two agreements have been signed for the implementation of Widening & Improvement of Roads and Bridges in Uva and Central provinces and Purchase and Delivery of 09 Nos Diesel Multiple Units for Upcountry Line Operations in Sri Lanka Railways with the EXIM bank of China (Hunan Branch) and The Hongkong and Shanghai Banking Corporation Limited respectively.

Accordingly, the EXIM Bank of China, Hunan Branch agreed to finance the USD 84,988,952.94 (85 percent of the total contract amount) to widening and improvement of 64.31 of roads and reconstruction of 13 bridges in Central and Uva Provinces which is its first commitment to Sri Lanka. The people of these two districts mainly depend on the plantation and agricultural activities as their livelihood. This project will enhance the productivity of the plantation and agricultural sector through increasing mobility between market places and farms while decreasing vehicle operation cost and travelling time.

The Hongkong and Shanghai Banking Corporation Limited has agreed to provide a loan of USD 79,787,806.80 for the implementation of Procurement, Purchase and Delivery of 09 Nos Diesel Multiple Units for Upcountry Line Operations in Sri Lanka Railways Project which is one of the important projects aiming at improving the transport facilities of the general public of the country. Considering the requirement of expanding the fleet by adding new locomotives to improve the performance of train service, approval of the Cabinet of Ministers was granted at its meeting held on 16th December 2016 to procure 12 Nos of Locomotives and 09 Nos of Diesel Multiple Units for the upcountry service of Sri Lanka Railways. Accordingly, it is expected to procure, purchase and delivery of 09 Nos Diesel Multiple Units for Upcountry Line Operations in Sri Lanka Railways from the proposed loan from the Hongkong and Shanghai Banking Corporation Limited.

 

The Asian Development Bank (ADB) as one of the leading multilateral development partner of Sri Lanka since 1966, has contributed more than USD 8.5 billion ADB in project and policy- based loans, grants and technical assistance (TA) for the development of Sri Lanka. ADB financing has been invested in 503 projects including many land mark development projects.

Mr. Wencai Zhang, Vice President (Operations I) of the Asian Development Bank (ADB) visited Sri Lanka from 28- 30 August 2018. 

 

 Courtesy call to the Hon. Prime Minister  

IMG 3256

 

Meeting with the President Secretary 

pic

Business Dinner Hosted by Secretary, Ministry of Finance and Mass Media  

file-12IMG 0567-2

 

 

 

FaLang translation system by Faboba