The Asian Development Bank (ADB) has agreed to provide a special financial aid package exceeding $100 million to Sri Lanka, specifically aimed at diversifying the country’s export market, Export Development Board (EDB) Chairman Mangala Wijesinghe announced on Wednesday.
The agreement was reached during discussions with a special ADB delegation visiting the island to observe Sri Lanka’s export processes. Wijesinghe said the ADB had also pledged continued support to strengthen the national export mechanism in the future.
The new commitment is distinct from the ADB’s National Export Development Plan 2026–2030 review currently under way. It also follows recent ADB warnings about a $6 billion export gap that the bank has flagged as a risk to Sri Lanka’s external stability.
Sri Lanka’s exports remain heavily concentrated in apparel, tea and rubber, and successive governments have struggled to broaden the basket. The Trump administration’s 44% reciprocal tariff on Sri Lankan goods, activated in early April, has sharpened pressure to find new markets and product lines beyond the United States.
NewsFirst did not give a breakdown of the package structure, sector targets, drawdown schedule or whether the financing is a loan or grant. The Ministry of Industries and the EDB are expected to release implementation details after the ADB delegation concludes its visit.
