Korea’s Exim Bank approves US$ 14 million to Sri Lanka for garbage collection compactors
The Export-Import Bank of Korea has reportedly approved US$ 14 million for the supply of garbage collection compactors to Sri Lanka.
The Korean Embassy in Sri Lanka has stated that this project will provide 190 garbage compactors to local authorities in all nine Provinces of Sri Lanka in order to collect and transfer large amount of waste to dumping sites in an efficient and economical manner.
Local news reports stated that Korea Eximbank which operate ECDF(Economic Development Cooperation Fund) entrusted by Korean Government will finance this project with a high concessional EDCF compact loan of 0 percent interest rate and 30 year repayment period including 10 year grace period.
The project executing agency will be the Ministry of Local Government and Provincial Council and Local Government whereas the National Solid Waste Management Centre under the purview of the same Ministry will function as the project management unit.
According to reports, the main objective of this project is to improve the solid waste management system through reduction in travel time and maintenance cost of collection vehicles and increase the waste collection quantity.
It has been noted that following the tragic garbage dump collapse in Meethotamulla, the solid waste management becomes a pressing concern in Sri Lanka. Currently, approximately 3/4 of solid wastes generated in urban areas are disposed through unsanitary open dumping due to the insufficiency of waste collection system.
It has also been reported that there is a serious shortage of waste collection equipment in Sri Lanka where only 11.6 percent of solid waste is collected by compactors.
The Korean Embassy has said this project will not only help prevent further environmental pollution and damage that was caused by unsanitary open dumping due to the insufficiency of waste collection system but will also enhance health and sanitary lifestyle of people in the long-run.
The supply of garbage compactors project does not have only economic meaning but also diplomatic meaning.
OSL take:
The funding extended by Korea’s Eximbank to Sri Lanka for the purchase of garbage collection compactors indicates the Sri Lankan government’s requirement of addressing the issue of garbage disposal. The fact that approximately 3/4 of solid wastes generated in urban areas are disposed through unsanitary open dumping due to the insufficiency of waste collection system is an opportunity in the making for foreign investors to introduce waste collection as well as disposing mechanisms. The Sri Lankan government is also looking at waste to energy options in the country and interested investors could explore this opportunity as well.
| Article Code : | VBS/AT/14122017/Z_2 |