Developing countries should share their wealth with needy countries like Sri Lanka and offer credit at lower interest rates, Finance Minister Ravi Karunanayake said.
Addressing the Business Session of the Asian Development Bank’s 50th annual meeting here, he said that that he was making this appeal on behalf of all developing member countries of the ADB.
Commenting on Sri Lanka’s economy, he said that in 2016, the country’s economic growth was below expectations mainly due to bad weather conditions.”However with focus on key areas, the country will be able to achieve its budgetary proposals,” he said.
Sri Lanka’s economy has shown tremendous resilience in the past countering many adverse situations and the governments strategies to improve growth and dilute the debt servicing could ensure a noteworthy contribution towards the expected evolution of the Asian and Pacific region.
The Asian Development Bank (ADB) will establish a trust fund to promote the integration of high-level technology (HLT) and innovative solutions in the design and implementation of its projects in Asia and the Pacific.
The Japanese Government will be the first donor to the fund. The High-Level Technology Fund will provide grants for technical assistance projects, investment projects, and recruitment of technology experts to promote the integration of HLT and innovative solutions throughout the project cycle from identification to implementation of ADB financed and administered sovereign and no sovereign projects.
It will encourage more widespread adoption of HLT to address development challenges in ADB’s developing member countries.
“Enhancing the quality of infrastructure is important in realising sustainable economic growth. Japan welcomes and supports ADB’s initiative to incorporate advanced technologies into projects,” Japan’s Deputy Prime Minister and ADB Governor Taro Aso said in his speech during the opening session of the 50th Annual Meeting of ADB’s Board of Governors in Yokohama. “Japan has been promoting quality infrastructure in Asia, collaborating closely with ADB. To further strengthen the partnership, Japan will provide $40 million over two years to the new trust fund for HLT.”
The HLT Fund will be operational by July. It will support a broad range of technologies and innovative solutions that are either new or need scaling-up, not only to improve project impact but also to develop the countries’ technological capability. The fund may be used for feasibility studies, detailed designs, knowledge transfer, policy advice, pilot and demonstration activities, among others.
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