Manila, 30 August 2022 (TDI): The Asian Development Bank (ADB) endorsed a $200 million emergency relief loan for Sri Lanka. The loan comes amid the crisis in the food security situation in the country.
Food insecurity has severely affected the people of Sri Lanka amid the current economic difficulties.
ADB has approved a new emergency assistance loan to protect the livelihoods of the poor and vulnerable, especially women & children: https://t.co/cnRBmKVj7l#ADBNews pic.twitter.com/OomBg6YHfl
— Asian Development Bank (@ADB_HQ) August 30, 2022
Asian Development Bank is assisting Sri Lanka’s economic recovery from the COVID-19 pandemic and is supporting the country’s inclusive and sustainable development through investments in key sectors.
ADB continues its various developmental projects in the country. The three-month project of the temporary increase in the monthly cash grant amount and existing social assistance programs, including the Samurdhi subsidy program for low-income families is underway in the country.
Statement by ADB Senior Educational Specialist
ADB Senior Educational Specialist For South Asia, Asako Maruyama, said that Food insecurity has severely affected the people of Sri Lanka amid the current economic difficulties.
This assistance will expand direct financial support for the poor and vulnerable, boost livelihood development activities and agricultural production, and enhance social protection systems.
ADB project presents an opportunity to increase food production and increase agricultural production costs. ADB is promoting advanced practices and technologies for precision agriculture and improved crop productivity among farmers.
ADB supports the upgrading and delivery of the Good Agricultural Practices certification program. It upgrades information technology systems and digital tools for agriculture and agrarian development in Sri Lanka.
Until now, Asian Development Bank has committed 479 public sector loans, grants, and technical assistance totaling $11 billion to Sri Lanka.
About the Asian Development Bank
The Asian Development Bank (ADB) is a regional development bank founded on December 19, 1966, with its headquarters in Manila, Philippines. In addition, the bank has 31 field offices across the world to support social and economic development in Asia.
Members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, previously the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed nations are eligible to join the bank.
The ADB was closely modeled after the World Bank, and it uses a balanced voting system in which votes are allocated in proportion to members’ capital subscriptions.
ADB also publishes an annual report that covers its activities, budget, and other resources for public review
