Colombo, Oct. 13 (Daily Mirror) - The Cabinet has approved a proposal to obtain US$ 100 million in policy-based financing from the Asian Development Bank (ADB) to implement the second sub-programme of Sri Lanka’s Water Supply and Sanitation Reform Programme.
The funding will be part of a US$ 620 million policy-based loan facility approved by the ADB Board of Directors to support Sri Lanka’s reform agenda in line with the International Monetary Fund’s Extended Fund Facility programme.
The US$ 100 million allocation will comprise US$ 50 million from the ADB’s regular general capital resources and another US$ 50 million from its concessional general capital resources.
The programme aims to help the Government address weaknesses in water resource management, operational and financial inefficiencies, exposure to climate risks, gaps in social inclusion and inadequate coordination among stakeholders.
The Cabinet approved the proposal submitted by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning and Economic Development to enter into an agreement with the ADB to obtain the financing facility.