Press briefing of Cabinet Decision taken on 2020-10-26

Obtaining Additional Financial assistance from the Asian Development Bank (ADB) for the Small and Medium Sized Enterprises Line of Credit Project

- The Asian Development Bank has given its consent to grant a loan amounting to US$ 165 million including an Emergency Response Component of US$ 100 miilion for the measures to be taken to provide solutions to mitigate the circumstances erupted and the negative impact confronted by the Small and Medium Scale Entrepreneurs due to the COVID -19 pandemic. In addition to the above loan, it has also been agreed to award a grant of US$ 1.25 million under the Japan Fund for Poverty Reduction.

Further, it has been agreed to grant a concessionary loan amount of US$ 400 million for the Secondary Education Sector Improvement Project under the Results Based Lending financial modality of the Asian Development Bank.

Accordingly, the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance to enter into the respective agreements with the Asian Development Bank to obtain the said loan amounts and the grant, was approved by the Cabinet.