The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved its first two projects in Sri Lanka.
A USD200-million loan will improve housing conditions for low-income communities in Colombo by constructing affordable housing and redeveloping the land. Another loan for USD80 million will be used to reduce the risk and damage from landslides in Sri Lanka. Both projects will improve living conditions for those most in need in the country.
Investment in the Urban Regeneration Project will support the construction of about 5,500 housing units and other related infrastructure in Colombo. These housing units will be provided to individuals and families currently living in underserved settlements that are impacted by poor sewer and solid waste management systems and dilapidated housing structures.
“Providing affordable housing will improve the quality of life for those in need in Colombo,” said AIIB Vice President and Chief Investment Officer D.J. Pandian. “Smarter urban planning will also enable the city to attract more foreign investment and increase its potential as an economic hub for the country.”
The investment to reduce landslide risk will support the design and construction of mitigation or protection measures where landslides have already occurred or are at risk of occurring. The investment will also support the review and strengthening of the policy and regulatory systems for landslide management at the local and national level.
Original source: AIIB
Published on 04 April 2019