Sri Lanka and ADB
In the Spotlight
Rapid Economic Development through Specific Cooperation Projects in Infrastructure and Transportation
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was established to promote free trade within the region, increase cross-border investment and tourism, and promote technical cooperation. Its seven-country membership comprises Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
ADB's Board of Directors has approved a $100 million loan as additional financing for Sri Lanka’s efforts to develop skills to meet labor demands, support economic diversification, and enhance productivity.
The ADB Board of Directors has approved $75 million in additional financing to continue support toward the development of small and medium-sized enterprises (SMEs), considered vital for economic growth and job creation in Sri Lanka.
Sri Lanka is entering a new stage of development and, within a few years, will be ready to reach upper-middle-income status. The country’s new government - which was formed following the presidential and general elections in January 2015 and August 2015, respectively - is focused on inclusive growth, good governance, and private sector development.
ADB is aligning its operations in Sri Lanka with the evolving needs of the country and the priorities of the new government.
Sri Lanka is a member of the South Asia Subregional Economic Cooperation (SASEC) program.
Projects in Sri Lanka
- Urban Project Preparatory Facility
- Supporting Knowledge Solutions for New Development Strategies in South Asia
- South Asia Subregional Economic Cooperation Regional Energy Cooperation
- Implementing Trade Facilitation Initiatives under the South Asia Subregional Economic Cooperation Program
- Science and Technology Human Resource Development Project