The Cabinet of Ministers has granted approval to obtain a loan of USD 100 million from the Asian Development Bank (ADB) to implement the Sustainable Tourism Sector Development Programme (STSDP).
The Cabinet approval was granted previously to implement the Sustainable Tourism Sector Development Programme and to conduct loan negotiation discussions with the Asian Development Bank.
Accordingly, negotiation discussions have been conducted to obtain a total of US$ 100 million, US$ 70 million from concessionary general capital resources and US$ 30 million from permanent general capital resources respectively.
Clearance has also been granted by the Central Bank of Sri Lanka and the Attorney General’s Department to obtain the above loan facility.
Therefore, the Cabinet of Ministers has granted approval to the proposal furnished by the President in his capacity as the Minister of Finance, Plan Implementation and Economic Development to enter into agreements with the Asian Development Bank to obtain the said loan grant.
