Dr. Izumi Hiroto, head of the Japanese delegation visiting Sri Lanka, praised the successful completion of the country’s debt restructuring process, noting that it has paved the way for the resumption of Japanese Official Development Assistance (ODA) projects. These projects, including several initiatives that were previously suspended, are now set to restart, signaling a renewed phase of cooperation and development, according to the President’s Media Division.
During a meeting with President Ranil Wickremesinghe at the Presidential Secretariat on the morning of July 18, Dr. Hiroto emphasized the international community’s confidence in President Wickremesinghe’s leadership, as reflected in the swift success of the debt restructuring agreements. Achieved in partnership with the Official Creditors’ Committee and the International Monetary Fund, this milestone underscores a significant turnaround for Sri Lanka.
The high-level Japanese delegation, which included representatives from the housing, construction, and urban sectors, discussed the successful completion of Sri Lanka’s debt restructuring process and announced that previously suspended ODA projects are set to resume. The discussion also explored new investment opportunities in Sri Lanka, emphasizing the potential for enhanced cooperation between the two nations. The delegation expressed their appreciation for Sri Lanka’s economic progress and praised President Wickremesinghe’s leadership in restoring international confidence and paving the way for renewed development initiatives.
President Wickremesinghe acknowledged Japan’s invaluable support during Sri Lanka’s debt restructuring process and emphasized the country’s commitment to deepening economic cooperation with Japan across various sectors, including education and agricultural modernization. He stressed the importance of resuming stalled projects under Japanese cooperation to further strengthen bilateral relations.
Key suspended projects that are poised to restart include the Bandaranaike International Airport (BIA) Development Project, the Colombo Port Eastern Terminal Development Project, the Central Expressway Construction, and the Digital Broadcasting Project. The delegation also highlighted the potential to resume the Light Railway Transit (LRT) project, which was halted by the previous government, recognizing its potential to alleviate traffic congestion in Colombo.
Both sides underscored the importance of Public-Private Partnerships (PPP) in executing housing for low-income earners and other urban development projects. The Sri Lankan government is committed to promoting environmentally friendly projects and renewable energy in line with its policies and international agreements. The Japanese delegation also expressed willingness to recruit Sri Lankan graduates in the field of technology for job opportunities in Japan’s private sector, aiming to improve the electricity supply sector in Japan. Additionally, they highlighted the Joint Credit Mechanism (JCM), which promotes environmental sustainability by utilizing advanced Japanese technology to reduce carbon dioxide emissions.
~PMD~
