Press briefing of Cabinet Decision taken on 2023-11-27 (Subject to Confirmation at the next Meeting)

Securing funds from the Asian Development Bank to wrap-up the Integrated Road Investment Programme (iRoad Programme)

- Certain Road Development Projects which were under the iRoad Programme implemented upon the loans of the Asian Development Bank have been suspended due to the non receipt of funds. The Ministry of Finance, Economic Stabilization and National Policies has discussed with the Asian Development Bank in this regard and the Asian Development Bank has agreed to grant US$ 60 million to finalize the components required to be completed expeditiously under the said Project. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to enter into the relevant Loan Agreement, was approved by the Cabinet.