Sri Lanka’s cabinet has given the green light for a $200 million policy-based loan from the Asian Development Bank (ADB) to bolster the nation’s trade, investment, and industrial development strategy, according to Minister Nalinda Jayatissa.
This funding, drawn from the ADB’s Ordinary Capital Resources (OCR), is part of the first subprogram of the Trade, Investment, and Industry Development Program.
Minister Jayatissa informed the media that negotiations for this loan have been successfully finalized. He added that the necessary approvals for the loan’s procurement have been secured from both the Attorney General’s Department and the Central Bank of Sri Lanka.
This cabinet decision comes after initial permission was granted on June 15 to commence formal discussions with the Manila-based institution.
