Manila, Sep 7, 2006 AEST (ABN Newswire) - Visiting Asian Development Bank (ASX: ATB) Vice-President Liqun Jin yesterday met with Sri Lankan President Mahinda Rajapakse to discuss ADB assistance to the country and assess progress on reconstruction and rehabilitation following the Asian tsunami disaster.
Mr. Jin congratulated the President on Sri Lanka's first quarter economic growth of 8% for 2006, and praised the Government's plans to ensure growth is spread equitably to rural areas through infrastructure and rural development.
"ADB has helped Sri Lanka's infrastructure sector in the past and is prepared to continue that assistance," Mr. Jin said. "Participation in the expansion of the Colombo Port and in road sector development, including the Southern Expressway, are examples of our support."
Mr. Jin signed a Memorandum of Understanding with Sri Lanka's Minister of Ports and Aviation, Mangala Samaraweera to finance up to $225 million for breakwater construction of the Colombo port expansion project. The first phase is estimated to cost $615 million, including the breakwater, dredging works and construction of the first terminal. The project is seen as essential in helping the country maintain export competitiveness by allowing access to a new generation of large sized container vessels.
ADB is also considering assistance to upgrade Sri Lanka's first access controlled expressway to four lanes from two. The 128 km road from Colombo to Matara, with a linkway to the Southern Port of Galle, is scheduled for completion by 2010 and allows for possible later upgrading to up to six lanes. Major construction work of the ADB assisted 65 km section is more than halfway complete.
Mr. Jin also visited tsunami affected areas, opening a rebuilt pre-school, viewing a cash-for-work project site in Galle, and inspecting coastal rehabilitation efforts at Ambalangoda harbor. ADB has approved more than $240 million in assistance - mostly grants - for Sri Lanka's reconstruction efforts following the December 2004 tsunami, covering road rehabilitation, livelihood support, and rebuilding of social infrastructure.
He was later scheduled to visit a tsunami housing reconstruction project, meet beneficiaries of tsunami assistance, and view resettlement and work sites along the southern highway and other ADB supported road works in the Southern province.
Contact
Omana Nair
Email: onair@adb.org
Tel:+632 632 5178; Mobile: +63 918 914-7003
Graham Dwyer
Email: gdwyer@adb.org
Tel:+632 632 5253; +632 898 3413; Mobile: +63 920 938-6487
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