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Asian Development Bank and Sri Lanka: Fact Sheet

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Asian Development Bank and Sri Lanka: Fact Sheet ASIAN DEVELOPMENT BANK MEMBER FACT SHEET Sri Lanka: 2020 Loans, Grants, Equity Investments, Technical Assistance, and Trade and Supply Chain Finance and While assisting the country in its socioeconomic recovery Microfinance Program Commitments ($ million)a from the COVID-19 pandemic, ADB will continue to Product Type Sovereign Nonsovereign Total support Sri Lanka’s sustainable and inclusive development Loans 565.00 – 565.00 Grants 4.25 – 4.25 in the long term. Technical Assistanceb 9.66 0.42 10.08 Trade and Supply Chain – 358.31 358.31 Finance and Microfinancec Total 578.91 358.73 937.64 – = nil, DMC = developing member country, TA = technical assistance. Notes: Commitment is the financing approved by ADB’s Board of Directors or Management for which the legal agreement has been signed by SRI LANKA the borrower, recipient, or the investee company and ADB. Grants and TA include ADB-administered cofinancing. a Numbers may not sum precisely because of rounding. The Asian Development Bank (ADB) b Financing for TA projects with regional coverage is distributed to ADB-SUPPORTED PROJECTS their specific DMCs where breakdown is available. has been a major development partner AND PROGRAMS c ADB-financed commitments from nonsovereign revolving to Sri Lanka since 1966 and is today the programs of which $358.31 million is short term. country’s largest source of multilateral In 2020, ADB disbursed $745 million to development assistance. Sri Lanka, the highest ever annual total Sri Lanka: Cumulative Loans, Grants, for disbursements. Equity Investments, Technical Assistance, The coronavirus disease (COVID-19) and Trade and Supply Chain Finance and pandemic and associated restrictions Responding to an urgent request by Microfinance Program Commitmentsa, b, c, d in Sri Lanka impacted most major the Government of Sri Lanka, Total % COVID-19 sectors of the country’s economy. ADB reallocated $15 million from the Amount of Total Response Sector No. ($ million)e Amounte ($ million)e This comes in the wake of the Easter ongoing Health System Enhancement Projects and 552 11,049.26 85.76 375.10 Sunday terror attacks in 2019, which Project as COVID-19 assistance. These Technical Assistance Agriculture, Natural 133 1,420.05 11.02 – also had significant effects on economic funds supported the establishment Resources, and growth, especially on tourism. The path of a molecular biology laboratory Rural Development Education 45 1,332.33 10.34 200.00 to recovery will be challenging, given at the Infectious Diseases Hospital Energy 62 1,517.09 11.77 0.13 and isolation facilities at four ports Finance 62 1,360.12 10.56 168.02 uncertainties in the global economic Health 16 98.92 0.77 5.71 outlook and the fiscal constraints that of entry into Sri Lanka. The funds Industry and Trade 30 250.20 1.94 0.07 also helped purchase COVID-19 Information and – 0.26 0.00 – Sri Lanka faces. Communication testing consumables. In June 2020, Technology Since 1966, ADB has committed loans, ADB provided a $3 million grant to Multisector 16 173.06 1.34 – grants, and technical assistance totaling Public Sector Management 35 255.21 1.98 1.06 Sri Lanka from the Asia Pacific Disaster Transport 88 3,310.47 25.69 – $11.1 billion for Sri Lanka. Cumulative Response Fund to help transport health Water and Other 65 1,331.53 10.33 0.11 loan and grant disbursements to Urban Infrastructure and Services Sri Lanka amount to $7.96 billion. Trade and Supply Chain 2,612 1,834.79 14.24 271.13 Finance and Microfinancef These were financed by regular and Finance 1,310 917.39 7.12 135.56 concessional ordinary capital resources, Industry and Trade 1,302 917.39 7.12 135.56 Total 3,164 12,884.04 100.00 646.23 the Asian Development Fund, and other – = nil, 0.00 = less than 0.005%, COVID-19 = coronavirus disease, special funds. DMC = developing member country, TA = technical assistance. a Grants and TA include ADB-administered cofinancing. b Includes sovereign and nonsovereign loans and technical assistance. c Using primary sector in reporting of commitments. d Financing for TA projects with regional coverage is distributed to their specific DMCs where breakdown is available. e Numbers may not sum precisely because of rounding. f ADB-financed commitments from nonsovereign revolving programs of which $1.82 billion is short term. Updated as of August 2021 workers during curfew hours, increase struggling due to COVID-19, and NONSOVEREIGN OPERATIONS testing capacity by procuring test kits promoting cash-flow-based lending. and reagents, and procure personal As a catalyst for private investments, In support of reforms to upper protective equipment and medical ADB provides financial assistance to secondary education under the consumables. ADB also provided nonsovereign projects and financial government’s General Education $1 million from a regional technical intermediaries. Total commitments Sector Development Plan 2020–2025, assistance project to procure in loans and equity investments from ADB approved a loan of $400 pandemic-related goods and ADB’s own funds in 2020 amounted million for the Secondary Education equipment. to $1.4 billion for 38 transactions in Sector Improvement Program. The economic and social infrastructure, To support longer-term inclusive program aims to enhance the quality finance sector, and agribusiness. growth in Sri Lanka, ADB approved and relevance of upper secondary ADB also actively mobilizes $165 million in November 2020 as science, technology, mathematics, and cofinancing from commercial and a third phase of additional financing commerce programs; strengthen the concessional sources. In 2020, ADB for the Small and Medium-Sized capacity of provincial governments mobilized $1.9 billion of long-term Enterprises Line of Credit Project. and schools to implement education project cofinancing and $3.3 billion This was cofinanced by the Japan reforms; and improve sector of cofinancing through its Trade Fund for Poverty Reduction with a management capacity. This investment and Supply Chain Finance Program $1.25 million grant. The third tranche builds on ADB’s long-term engagement and Microfinance Program. Total of additional financing will deepen the in Sri Lanka’s education sector and outstanding balances and commitments financial ecosystem for Sri Lanka’s tackles key challenges stemming from of nonsovereign transactions funded small and medium-sized the COVID-19 pandemic. by ADB’s own resources stood at enterprises and promote women’s $14.3 billion as of 31 December 2020. ADB’s technical assistance program entrepreneurship. It will help expand in 2020 included support for human financial inclusion by piloting an Total outstanding balances and capital development, improving affordable credit facility for strategically commitments of ADB’s nonsovereign project readiness and portfolio important and historically underserved transactions in the country as of management, and supporting tea smallholders, providing an 31 December 2020 was $478.6 million, national development planning as the affordable working capital facility for representing 3% of ADB’s total government considers policies small and medium-sized enterprises nonsovereign portfolio. for COVID-19 pandemic recovery. Sri Lanka: Evaluation Results for Sovereign Sri Lanka: Ordinary Capital Resources and Nonsovereign Operations, 2011–2020 Nonsovereign Commitments by Product Total Number 2020 2016–2020 of Validated Evaluation Ratings Number of Transactions Signed (OCR) – 2 and Evaluated Number of Transactions Signed (Programs) 366 726 Projects and Highly successful Less than Amount ($ million) Programs and successful successful Unsuccessful Loans – 69.00 Sovereign 29 18 11 – Equity Investments – – Operations Guarantees – – Nonsovereign 9 8 1 – Trade and Supply Chain Finance Program 358.31 1,142.29 Operations and Microfinance Program – = nil, IED = Independent Evaluation Department. Total 358.31 1,211.29 Note: The figures indicate the number of sovereign and nonsovereign operations in the country – = nil, OCR = ordinary capital resources. that have been validated or evaluated by the IED and their overall performance ratings. The coverage consists of all validated or evaluated project completion reports and extended annual review reports circulated by ADB within the 10-year period from 1 July 2010 to 30 June 2020. See evaluations related to Sri Lanka. Sri Lanka: Portfolio Performance Quality Indicators Source: IED success rate database (as of 31 December 2020). for Sovereign Lending and Grants, 2019–2020 No. of Ongoing Loansa (as of 31 Dec 2020) 48 2019 ($ million) 2020 ($ million) Contract Awardsb, c 456.38 366.38 Sri Lanka: Projects Cofinanced, Disbursementsb 408.00 734.89 1 January 2016–31 December 2020 No. of Ongoing Grantsa,d (as of 31 Dec 2020) 2 2019 ($ million) 2020 ($ million) Cofinancing No. of Projects Amount ($ million) Contract Awardsb, c, d 0.47 3.17 Sovereign 16 453.97 Disbursementsb, d 1.44 8.85 Loans 3 422.73 At Risk Projects (%) (as of 31 Dec 2020) 3 Grants 4 17.55 a Based on commitments. Technical Assistance 9 13.69 b Includes closed loans/grants that had contract awards or disbursements during the year. Nonsovereign 3 3,100.29 c Excludes policy-based, results-based, and financial intermediation/credit loans and grants. d Includes only Asian Development Fund and other ADB special funds. Sri Lanka: Share of Procurement Contracts for Loan, Grant, and Technical Assistance Projects Cumulative 2019 2020 (as of 31 Dec 2020) Amount % of Amount % of Amount % of Item ($ million) Total ($ million) Total ($ million) Total Goods, Works, and Related Services 164.88 1.16 358.48 1.57 4,866.15 2.25 Consulting Services 13.92 1.84 5.40 0.74 144.09 1.02 Total Procurement 178.79 1.20 363.88 1.55 5,010.25 2.17 Top 5 Contractors/Suppliers from Sri Lanka Involved in Top 5 Consultants from Sri Lanka Involved in Consulting Goods, Works, and Related Services Contracts under ADB Services Contracts under ADB Loan, Grant, and Technical Loan and Grant Projects, 1 January 2016–31 December 2020 Assistance Projects, 1 January 2016–31 December 2020 Contract Amount Contract Amount Contractor/Supplier Sector ($ million) Consultant Sector ($ million) Maga Engineering Pvt.
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