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Economy

ADB boosts Sri Lanka funding to $480M amid recovery efforts

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Asian Development Bank (ADB) has increased its financial support to Sri Lanka to USD 480 million for 2026, up from the previously approved USD 380 million, with USD 200 million to be fast-tracked to address urgent needs.

The announcement came during a meeting at the Presidential Secretariat between President Anura Kumara Dissanayake and an ADB delegation led by its President Masato Kanda, who is currently on an official visit to the country.

Discussions focused on ADB’s role in supporting Sri Lanka’s recovery and long-term development, particularly following the devastation caused by Cyclone Ditwah. President Dissanayake emphasized the need for continued assistance to rebuild infrastructure and sustain economic stability.

ADB President Kanda praised the government’s efforts to maintain stability despite post-disaster challenges and external pressures, including the ongoing tensions in the Middle East. He reaffirmed the bank’s commitment to supporting reconstruction efforts and strengthening water systems in vulnerable regions to prevent future disasters.

The Sri Lankan government expressed appreciation for ADB’s continued support, highlighting its importance in achieving sustainable economic growth while addressing immediate recovery needs.

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