ADB pledges additional $100mn to shield Sri Lanka from West Asia conflict shocks

Sri Lanka
By Editor_1
President, Asian Development Bank, Masato Kanda who visited cyclone-affected areas in Kegalle District, west of Colombo in Sri Lanka, to better understand the scale of the damage caused by Cyclone Ditwah, noted that landslides, damaged roads, and disrupted access to water and electricity continue to affect daily life – X-@ADBPresident

COLOMBO – The Asian Development Bank (ADB) is ready to provide 100 million dollars in additional budget support as part of a financial package to help Sri Lanka mitigate the economic and financial impacts resulting from the conflict in West Asia, its President Masato Kanda has said.

Sri Lanka is the first member to formally request such assistance.

This increases ADB’s total planned budget support in Sri Lanka for 2026 to 480 million dollars.

“The conflict in the Middle East is adding new pressures for Sri Lanka, including rising oil prices, supply chain disruptions, and falling remittances,” Kanda said adding that the additional support from ADB will help safeguard the broader economy against these external shocks.

During his visit to the island nation, Kanda travelled to Kegalle District to witness the damage caused by Cyclone Ditwah.

To address urgent reconstruction needs, ADB is fast-tracking a 200 million-dollar Emergency Assistance Loan to restore vital transport networks and irrigation canals while supporting affected livelihoods.

Kanda also visited Colombo Port, where he viewed how ADB-financed infrastructure, including the Colombo Port Expansion and Port Access Elevated Highway, connects Sri Lanka to supply chains.

Strengthening port capacity, connectivity, and logistics performance will be key to enhancing Sri Lanka’s role in regional and global trade, the global lender said.

ADB is scaling up its annual program to over 1 billion dollars to support continued structural reforms, resilient infrastructure, and human capital it said.

Kanda met with private sector CEOs to identify ways to unlock private capital, noting that public resources alone cannot meet the scale of the country’s investment needs.

ADB said it was sharpening its focus on preparing bankable projects and deploying risk-sharing instruments to drive a more competitive, export-oriented economy for the people of Sri Lanka.

-economynext.com

Editor_1
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