ADB assures President of boosting SMEs

ADB Director General – South Asia Department Kenichi Yokoyama in conversation with President Gotabaya Rajapaksa. ADB Country Director Chen Chen, Secretary to the President P.B. Jayasundera and Principal Advisor to the President Lalith Weeratunge are also present 

• Steps taken to increase concessional loan amount to $ 1 b next year
• President calls on ADB to support SL with technical assistance for production of organic fertiliser, nitrogen extraction
• Seeks assistance from ADB to increase forest cover through economically viable cultivations 

The Asian Development Bank (ADB) Director General – South Asia Department Kenichi Yokoyama this week assured President Gotabaya Rajapaksa that ADB would support the promotion of Small and Medium Scale Enterprises (SMEs) in Sri Lanka.

Yokoyama said that the ADB would take steps to increase the concessional loan amount to $ 1 billion next year. ADB provided $ 750 million in concessional loans last year for projects in Sri Lanka. 

The Director General made these remarks at a meeting held with President Rajapaksa at the Presidential Secretariat.

The President’s Media said Yokoyama commended the successful conduct of the COVID-19 vaccination drive, which demonstrated the resilience of Sri Lanka to overcome challenges.

Rajapaksa pointed out that the entire public service and the health and security sectors had worked together to make the vaccination program and the COVID eradication process a success.

The President also requested Yokoyama to support Sri Lanka in providing technical assistance for the production of organic fertiliser and nitrogen extraction.

The Government has taken a policy decision to use organic fertiliser and focused on uplifting the income and living standards of those who make up 90% of the rural population that are engaged in agriculture. In addition, it hopes to reduce the use of fossil fuels and move towards renewable energy sources. A number of solar and wind power generation projects have been planned for this purpose. 

The President also pointed out the need to increase the forest cover through economically viable cultivations and sought the assistance of the ADB.

Asian Development Bank Country Director Chen Chen, Deputy Director Utsav Kumar, Secretary to the President P.B. Jayasundera and Principal Advisor to the President Lalith Weeratunga were also present at the discussion.