MANILA, Oct. 22 (Xinhua) -- The Asian Development Bank (ADB) has approved a 100 million U.S. dollar (USD) program to strengthen social protection, economic inclusion, and well-being and resilience among the poor and elderly in Sri Lanka, according to a press release.
The financing project comprises a 50 million USD policy-based loan and a 50 million USD project loan, said ADB on Wednesday.
The program is expected to help the government of Sri Lanka expand livelihood and employment opportunities for low-income households, improve eldercare services, and boost the effectiveness and responsiveness of the country's social protection system, according to ADB.
The ADB said that despite Sri Lanka's continued economic recovery, poverty and vulnerability to shocks remain high, particularly among women, the young, the elderly, people with disabilities, and populations in rural and disadvantaged regions.
The program will support households with livelihood grants, employment and business support, skills development and financial literacy training, and access to reliable markets.
The financing also aims to establish five model elderly daycare centers in poorer districts and enhance monitoring and evaluation systems, digital platforms, case management and data governance. ■
