EIB may finance Megapolis
Sri Lanka’s Foreign Minister Tilak Marapana during his visit to Luxembourg has discussed the possibility of the European Investment Bank (EIB), the world’s largest international public bank, financing several vital infrastructure development projects for Sri Lanka’s Megapolis Ministry.
Marapana held talks with EIB’s Vice President, Andrew McDowell and other senior officials of EIB following a March 2017 visit made by some EIB representatives to Sri Lanka to ascertain investment opportunities in the country.
The ambitious Western Region Megapolis Development project is aimed at establishing a world class urban environment in Sri Lanka whilst encouraging urban resident participation in the country’s socio-economic activities.
As such EIB has already pledged a 50 million euro financing arrangement to support improvement and expansion of sewage networks around Colombo.
EIB’s intention is to provide more than 1 billion euros each year to support new investment across Asia, and in 2016 it 84 billion euros to finance new investment around the world, including 19.6 billion euros for climate related investment.
Marapana also met with Luxembourg’s Foreign Minister, Jean Asselborn and the two agreed to strengthen bilateral relations with particular focus on economic opportunities and undertook to facilitate the upcoming visit of a business delegation from Sri Lanka to Luxembourg in this regard.
Luxembourg as one of the world’s top financial centres has interest in capital investments and there are several of the world’s leading multinational companies that have their headquarters based in Luxembourg.¹
If the EIB agrees to fund several crucial Megapolis projects it will attract further investors and this will better facilitate projects and ensure their efficiency.
|Article Code :||VBS/AT/06102017/Z_5|