Mangala Samaraweera holds discussion with ADB to expedite projects in Sri Lanka

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Mr. Wencai Zhang, Vice President of Asian Development Bank briefed the Meeting about the status of collaboration between ADB and SAARC.

The Twelfth Informal Meeting of SAARC Finance Ministers was held in Manila, the Philippines, on 04 May 2018 on the sidelines of the 51st Annual Meeting of Asian Development Bank.

"ADB's partnership with DFID will help further our ambitious knowledge-driven agenda and ensure that our members have access to the most effective, evidence-based solutions to further their regional integration goals", said Mr. Susantono.

Nakao said the two institutions were different in many ways, which meant they could collaborate more effectively.

Yu said ADB can also "deepen regional cooperation and promote the building of a community of shared future for mankind".

In his opening statement, the Chairman thanked ADB for its continuous support to SAARC. "We continue to feel ADB has lot of experience and advantage in financing infra development in the country".

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Stating that the ADB focuses on transport and energy sector in India, Garg said the ADB is now planning to make a "little more direct focus on poverty reduction and climate change".

The two have so far jointly provided combined loans of more than $700 million for four infrastructure projects, three of them in South Asia.

Moreover, Khatiwada said that Nepal should explore other possible means of support from ADB in the coming days, rather than only focusing on seeking concessional loans.

South Asia is one of the fastest-growing regions in the world, and its rising population of young people is expected to provide a demographic dividend in the coming decades, the top ADB official observed.

Yu hailed ADB, saying it is an important multilateral development bank in the region.

The Secretary-General of SAARC, H.E. Mr. Amjad Hussain B. Sial, made a statement on "Review of Progress in Transition to South Asian Economic Union" and underlined that the Member States may make honest efforts for implementing the objective of achieving South Asian Economic Union, as envisioned by the Leaders of SAARC.

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