The Government’s ADB- funded US dollar 118 million Integrated Road Investment program (iRoad), begun in 2014, faced setbacks due to the Covid-19 pandemic and the financial crisis, will recommence targeting rapid economic growth, said Transport Highways and Mass Media Minister Dr. Bandula Gunawardena.
The Asian Development Bank (ADB) played a pivotal role in this resurgence, signing an agreement on Thursday to release funds for the continuation of iRoad along with international creditors endorsing Sri Lanka’s debt restructuring program, the minister said.
Dr. Gunawardena said that iRoad plans to achieve a robust economic expansion by connecting the rural access road to the national road network through developing, maintaining and improving rural access roads to meet all-weather standards. The national roads will connect the rural access roads to adjacent socioeconomic centres promoting economic activities, he said.
He said that the program would stimulate economic growth and enhance the quality of life and welfare in rural areas. “By improving transport connectivity between rural communities and socioeconomic centres we expect to achieve inclusive economic growth.”
Highway Ministry’s Road Development Authority Chairman Piyal Warnakulasuriya said they will resume iRoad where they left off during the Covid-19 pandemic.
According to the ADB and Road Development Authority sources, the iRoad program is designed to upgrade and maintain about 2,200 kilometres of rural access roads to all-weather standard; rehabilitating and maintaining about 400 km of national roads; and improve the capacity of road agencies, the Ministry of Highways, Ports and Shipping (MOHPS), the Road Development Authority (RDA), provincial road agencies, and local authorities on road asset management, project management, and contract administration.
The Asian Development Bank last week agreed to disburse the fourth tranche of the project, USD 60 million, as part of the total estimated investment cost of USD 68.5 million. The Government spends the balance USD 8.5 million, said Highway Ministry sources.
The official agreement formalising this arrangement was signed between Finance Economic Stabilisation and National Policies Ministry Secretary K.M. Mahinda Siriwardana and ADB Country Director Takafumi Kadono.
