ADB extendsUS $5.3 bn for 179 Public- Private Projects
- 5opn1
- December 30, 2024
- Banking and Financial
- ADB extendsUS $5.3 bn for 179 Public- Private Projects
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Successive Sri Lanka governments have implemented 179 projects during the past 33 years with Asian Development Bank (ADB) funding and public-private sector (PPP) participation in key sectors of the economy, the ADB Country Partnership report revealed.
From 1990 to 2023, Sri Lanka implemented 179 PPP projects valued at over US$5.3 billion, according to the “Public-Private Partnership Monitor Sri Lanka Report” from ADB.
For instance, the National Audit Office recently reported that 32 ADB-supported water supply and allied projects initiated in 2020 had been abandoned by August 2022 due to various reasons such as poor infrastructure, inaccessible roads, non-compliance with approved plans, and improper feasibility studies.
This abandonment of projects midway has resulted in losses amounting to Rs.3.81 billion. Besides, those projects on water tanks and water purification systems were also unsuccessful due to inappropriate ground conditions or potential lack of capacity.
