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    ADB Provides USD 250 million to implement Capital Market Development Program

    November 28, 2016

    The Government entered into a loan agreement with the Asian Development Bank to obtain a loan of USD 250 million from the Ordinary Capital Resources Fund of the Asian Development Bank to implement the Capital Market Development Program in Sri Lanka.

    The main objective of the CMDP is to ensure that the capital markets in Sri Lanka are more effective in mobilizing resources for the economy’s financing requirements to better promote growth and development. Under the CMDP it is desired to develop efficient, stable and transparent capital markets that are a highly proficient conduit for resource mobilization and that are grounded in a strong legal and regulatory framework. Increasing the capacity and size of the capital market through enhanced market facilitation, demand measures and supply measures are also identified as objectives of CMDP.
    The proposed loan of USD 250 million will be disbursed in 2 tranches of approximately USD 125 million each based on the accomplishment of the policy actions relevant for each of the tranches. The Ministry of Finance will be the Executing Agency of the Program whereas Central Bank of Sri Lanka, Securities and Exchange Commission (SEC), Sri Lanka Insurance Board (IBSL) and Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) will be the implementing agencies.

     

    In this connection, Dr. R H S Samarathunga, Secretary to the Ministry of Finance on behalf of the Government of Sri Lanka and Ms. Sri Widowati, Country Director of ADB Sri Lanka Resident Mission on behalf of ADB, signed the Loan Agreement on 24th November 2016 at the Ministry of Finance.

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