Sri Lanka initiates discussion with European Investment Bank for funding for green projects
The Sri Lankan Embassy in Brussels has reportedly organised a virtual meeting between the officials of the European Investment Bank (EIB) and Sri Lankan officials recently to discuss possibilities of receiving funding assistance from the EIB for Sri Lanka.
Ambassador of Sri Lanka to Belgium, Luxembourg and the European Union Grace Asirwatham, EIB Officials – Head of Division Public Lending Operations in Asia and Pacific Edvardas Bumsteinas, Head of EIB Regional Representation for South Asia Dónal Cannon, and Loan Officer Public Lending Operations in South Asia Katrin Bock – Additional Director General (Acting) of Sri Lanka’s Department of External Resources (ERD) Visakha Amarasekera, Dr. M.Z.M. Aazim from the Central Bank, Sri Lanka’s Board of Investment (BOI) Chairman Sanjaya Mohottala, and officials from the island’s Foreign Ministry had attended the meeting.
The virtual meeting had reportedly focused on the project proposals in the pipeline for the EIB funding and most importantly on the lending possibilities in the fields of green and sustainable development, clean and sustainable ocean initiatives, investments on green bonds, SME development etc.
According to reports, the EIB officials, while explaining the funding modalities under the Green Concept programme of the bank, had indicated their readiness to consider project proposals from Sri Lanka for possible funding by EIB investment loans.
The EIB has also offered to provide technical expertise and assistance to Sri Lanka in the sphere of investment on Green Bonds, according to local media reports.
The government of Sri Lanka is focused on promoting a green economy through a series of sustainable development programmes. Sri Lanka has launched an aggressive development programme aimed at taking the country to the next level of development and authorities have given priority to the promotion of sustainable green programmes under it. Sri Lanka’s President has already enforced policy decisions to increase the country’s renewable energy generation to 70% and 30% of clean energy as well as transform the agriculture sector to one based on organic fertilizer. All this has expanded business/investment opportunities in Sri Lanka’s green economy. With Sri Lanka fast becoming a business hub in the South Asian region given its geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country, foreign businesses/investors could explore opportunities in Sri Lanka.
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