September 12, 2024
1 min read

ADB approves $100 million loan for Sri Lanka

The ADB on Wednesday stated that the approved loan will help to enhance the country’s resilience to climate change impacts and promote long-term sustainability…reports Asian Lite News

The Asian Development Bank (ADB) has approved a USD 100 million policy-based loan to support Sri Lanka’s water supply and sanitation sector reforms.

The ADB on Wednesday stated that the approved loan will help to enhance the country’s resilience to climate change impacts and promote long-term sustainability.

It further highlighted the Water Supply and Sanitation Reform Program, composed of two subprograms of USD 100 million each. It will contribute to a more resilient and sustainable delivery of water supply and sanitation services.

As per the ADB, subprogram 1 will establish policies and strategies nationally and for the National Water Supply and Drainage Board (NWSDB), while subprogram 2 will support the implementation of reform actions and guidelines.

“Efficient delivery of safe and reliable water supply in Sri Lanka is limited by fragmented water resources management and exacerbated by climate change. This program will not only strengthen mechanisms to ensure adequate access to safe water but also address governance and sustainability challenges of the sector that will enable the participation of the private sector,” said Pedro Almeida, Senior Urban Development Specialist.

The water resources management in Sri Lanka is facing longstanding challenges such as unbalanced allocation between agriculture and drinking water, inadequate climate change consideration in planning and development, involvement of several agencies at the national and regional level, and impacts from unplanned land use and deforestation.

As per the ADB, the program comes with USD 800,000 of technical assistance grant that will provide capacity and advisory support to the Ministry of Water Supply and Estate Infrastructure Development’s (MWS) and NWSDB for the formulation, deployment, implementation, and monitoring of the reform initiatives in the next subprogram.

ADB’s Technical Assistance Special Fund will also cover USD 500,000 of the amount, while the Water Innovation Trust Fund, under the Water Financing Partnership Facility administered by ADB, will finance USD 300,000.

ADB was established in 1966 and it is owned by 68 members, 49 are from the region. (ANI)

ALSO READ: HRW demands release of Taiwanese activist from China

Previous Story

HRW demands release of Taiwanese activist from China

Next Story

Sri Lanka’s key Tamil party to pick presidential nominee on Sunday

Latest from -Top News

The UK’s Net Zero Journey

Achieving net zero is not just a technological but also a political and cultural undertaking, writes Hasil Farooque In 2019, the United Kingdom officially committed itself to eradicate all greenhouse gas emissions

Bangladesh’s Dark Side Unveiled in Geneva

Organised by diaspora activists, the exhibit exposed rising rights abuses in Bangladesh post-Hasina…reports Asian Lite News In a bid to spotlight the deteriorating human rights situation and rising persecution of minorities in

India Outpaces Peers in Morgan Stanley Outlook

Global investment firm reaffirms India’s status as top-performing economy in latest growth outlook…reports Asian Lite News India is set to retain its position as the fastest-growing economy among nations tracked by Morgan

Debt deals, austerity still rule Colombo

IMF approves $350 million t ranche as island nation sees early signs of recovery, but challenges persist amid ongoing reforms and rising public discontent….reports Asian Lite News The International Monetary Fund (IMF)
Go toTop

Don't Miss

India, Sri Lanka and Maldives hold first Deputy NSA level meet

This was the first meeting at Deputy NSA level after

Sri Lanka Fully Aware Of India’s Security Concerns: Envoy

Sri Lankan envoy has assured that the country pays a