Sri Lanka receives US$ 310 million World Bank loan to reduce and mitigate flood risks
The government of Sri Lanka has received a US$ 310 million loan from the World Bank to reduce and mitigate flood risks in the lower Kelani basin in Colombo and improve weather forecasting and early warning systems across island.
The Climate Resilience Multi-Phase Programmatic Approach project is the first of a three-phase investment program totalling US$ 774 million and is to be implemented over eight years.
Sri Lanka ranked second among countries most affected by extreme weather events in 2017 and is expected to see a 1.2% annual GDP loss by 2050 due to climate change. Floods impacted around 14 million people between 2010 and 2018 and droughts affected about 12 million people.
According to reports, evidence suggests flood frequency will increase and that nearly 87% of Sri Lankans are living in areas likely to experience extreme temperatures and rainfall that will impact their lives.
“This comprehensive climate resilience program will reduce losses to people’s livelihoods and public assets while reducing shocks on the economy,” World Bank County Director for Nepal, Sri Lanka and Maldives Idah Z. Pswarayi-Riddihough has said.
“Compelling evidence has informed this long-term programme which will help the government build socially responsive infrastructure and communication systems to protect lives and assets.”
Accordingly, the programme aligns with the Government’s plans to ensure fiscal and physical resilience and reduce the vulnerability of Sri Lanka’s economy in the aftermath of the 2016 and 2017 floods.
The new forecasting systems are expected to benefit the entire nation, including 3.5 million beneficiaries living in flood-prone areas in 25 river basins.
OSL take:
Disaster mitigation and climate resilience are two areas of concern for the government of Sri Lanka given the rapidly changing weather patterns. Multilateral donor agencies have provided financial assistance for Sri Lanka to address issues related to these two sectors. Therefore foreign businesses could explore business opportunities in Sri Lanka’s disaster mitigation and climate resilience areas.
| Article Code : | VBS/AT/28062019/Z_1 |