Colombo:The Asian Development Bank (ADB) has approved a $100 million program to enhance social protection, economic inclusion, and resilience among the poor and elderly in Sri Lanka. This initiative aims to bolster livelihood and employment opportunities for low-income households and improve eldercare services.

According to NAMPA, the financing project includes a $50 million policy-based loan and a $50 million project loan. The program is designed to strengthen the effectiveness and responsiveness of Sri Lanka's social protection system amid ongoing economic recovery challenges.

The ADB highlighted that poverty and vulnerability to economic shocks remain significant issues in Sri Lanka, especially affecting women, youth, the elderly, people with disabilities, and those in rural and disadvantaged areas. The program will provide households with livelihood grants, employment and business support, skills development, financial literacy training, and access to reliable markets.

Additionally, the funding will help establish five model elderly daycare centers in underprivileged districts and improve monitoring and evaluation systems, digital platforms, case management, and data governance within the social protection infrastructure.