Govt. secures $ 53 m from ADB to resume critical road projects

Wednesday, 31 May 2023 00:30 –      – 90

 

The Government has secured $ 53 million from the Asian Development Bank (ADB), to resume some of the critical road projects that came to a deadlock following the economic crisis.“Given the grave financial circumstances, we had to show the roads that need to be constructed promptly to avoid deadly accidents and the inconvenience caused to the public. The top authorities of the ADB thereafter agreed in principle to provide $ 53 million,” Cabinet Co-Spokesman and Minister said at the post-Cabinet meeting media briefing yesterday.

He also stressed the $ 53 million will be disbursed only after obtaining the approval for Sri Lanka’s debt restructuring framework in September.

After Sri Lanka declared bankruptcy in April 2022, major road development work that was funded via bilateral partners came to an immediate halt.

“Despite 95% of its work being completed Bulgarian-funded construction work of the Gatambe and Kohuwala flyovers has been halted. The work on Central Expressway, iRoad projects, rural road network and repairs on the bridges have come to a complete standstill,” he said.

Despite requests from the Treasury for essential repairs and construction work of roads and bridges, it has failed to disburse the funds.

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