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The Asian Development Bank (ADB) has launched its Sri Lanka Country Partnership Strategy (CPS) 2024-2028, aimed at elevating Sri Lanka's competitiveness. The strategy, led by Takafumi Kadono, the ADB Country Director for Sri Lanka, emphasizes a shift towards budget support to complement policy reforms in various sectors such as power, finance, water, tourism, agriculture, public financial management, and capital markets. With a focus on supporting ongoing and forthcoming reforms, the ADB plans to allocate USD 300-400 million annually, contingent upon progress. Additionally, the CPS prioritizes infrastructure and social sector investments requiring external financing, with a keen eye on sustainability and resilience.
Aligned with global commitments like the Paris Agreement and Sustainable Development Goals (SDGs), the CPS emphasizes three cross-cutting priorities, climate action and environmental sustainability, gender equality and social inclusion, and governance, capacity development, and digitalization. These priorities will be realized through strategic objectives including strengthening public financial management and governance, promoting private sector development for green growth, and enhancing access to climate-resilient public services while fostering inclusion. Overall, the CPS aims to foster sustainable recovery, build resilience, and revive growth in Sri Lanka, in line with ADB's Strategy 2030 and its commitment to climate and private sector shifts within its operating model.
