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PRESS RELEASE

 

The First Two Sri Lankan Projects Funded by the Asian Infrastructure Investment Bank

The loan agreements for the first two projects financed by the Asian Infrastructure Investment Bank (AIIB) were signed between the Government of Sri Lanka and the AIIB on 25 April 2019 in Beijing, People’s Republic of China. The Vice President and Chief Investment Officer of AIIB Dr. D J Pandian signed on behalf of the AIIB, and H E the Ambassador of Sri Lanka in Beijing, People’s Republic of China, Dr. Karunasena Kodituwakku signed on behalf of the Government of Sri Lanka.

1.       Reduction of Landslide Vulnerability by Mitigation Measures Project

The total project cost of Reduction of Landslide Vulnerability by Mitigation Measures Project is estimated at USD 110 million. The objective of the proposed project is to reduce risk and damage from landslides through the implementation of physical mitigation measures and enhancement of policy and regulation associated with landslide management. The project will include field investigations, detailed designs, construction works and construction supervision/management activities for the landslide mitigation measures for prioritized 147 sites in 10 selected districts.

 

The AIIB, which is a multi-lateral bank has agreed to finance this project through a loan facility of USD 80 million. The GOSL will provide USD 30 millionwhich will cover the relevant taxes and cost of initial design and investigation works. This project will be implemented by National Building Research Organization (NBRO) under the supervision of Ministry of Public Administration and Disaster Management.

2.       Support to Colombo Urban Regeneration Project

The Support to Colombo Urban Regeneration Project will support the continued implementation of Urban Regeneration Project Phase III, which is currently being implemented by the Government.  The total project cost of Support to Colombo Urban Regeneration Project is estimated at USD 287 million. The objectives of this project are to improve the housing conditions of low-income communities and increase land use efficiency in Colombo through investments in the construction of affordable housing and redevelopment of land, along with the associated enhancement of systems and policies.

The AIIB has agreed to finance this project through a loan facility of USD 200 million. The GOSL will provide USD 82 millionwhich will cover the relevant taxes and cost of initial design and investigation works. The balance USD 5 million will be provided through a private partner. This project will be implemented by Urban Development Authority (UDA) under the Ministry of Megapolis and Western Development.

Issued by the Department of External Resources on 30th April 2019.

 

 

 

 

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