Colombo: The Asian Development Bank (ADB) has approved a $100 million financing package to support Sri Lanka’s tourism sector with strategic policy reforms and targeted catalytic investments, which align with the country’s National Tourism Policy. The initiative aims to rejuvenate a critical segment of Sri Lanka’s economy by implementing measures to enhance sector governance, increase private sector involvement, boost tourist arrivals, and improve foreign exchange earnings. Furthermore, the project addresses existing infrastructure gaps and focuses on strengthening product development and high-end destination marketing.

According to Asian Development Bank, the funding for the Sustainable Tourism Sector Development Program comprises a concessional loan of $70 million and a regular loan of $30 million. This financial assistance is expected to play a pivotal role in revitalizing the tourism industry, which is a key driver for economic growth in Sri Lanka.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges, ADB leverages innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard the planet. Founded in 1966, ADB is owned by 69 members, with 50 from the region.