Sri Lanka seeks support from partners to develop climate-resilient infrastructure
The Morning: Sri Lanka is struggling to recover from the devastating Cyclone Ditwah even as it was trying to rebuild from a debt crisis and political turmoil, President Anura Kumara Dissanayake told Newsweek in an exclusive interview, as he called for a new approach for debt-burdened countries vulnerable to climate change.
Cyclone Ditwah tore through the Indian Ocean island in late November, leaving over 600 people dead and 20,000 homeless and causing damage estimated by the President to be in the billions of dollars.
“The damage may well be beyond any natural disaster that our island has endured. So we will have to service debt while simultaneously rebuilding from climate disasters,” President Dissanayake told Newsweek at the Presidential Secretariat in Colombo. “This is why debt sustainability frameworks for climate-vulnerable countries must change.”
“We just completed historic debt restructuring – $ 25 billion restructured, $ 3 billion forgiven. But now we are confronted with a crisis beyond our control,” the President said speaking to Newsweek’s Danish Manzoor Bhat during an interview in Colombo on 4 December.
Climate change meant Sri Lanka needed to be prepared for future shocks as well, he said.
“We will be trapped if we don’t act now. This trap is not of our own making. Sri Lanka contributes negligibly to global emissions. But we face existential climate shocks that can destroy years of development progress overnight. But we must break this cycle. We can’t have every flood, every cyclone, every drought does set us back to where we started,” he said.
“So we urge our partners to help us build an escape plan to get out of the trap. Help us build climate-resilient infrastructure. This will cost more upfront but will save us from repeated reconstruction.”
OSL take:
The rebuilding programme in Sri Lanka in the aftermath of Cyclone Ditwah has created many business/investment opportunities, especially in the development of infrastructure as well as supplementary infrastructure facilities. With Sri Lanka on a steady growth path with a target of becoming a hub in the South Asian region, the country is focused on rebuilding stronger and better to also be on par with the increasing demands of an expanding economy. It is in such a backdrop that the Sri Lankan government has expressed the need to develop climate-resilient infrastructure in its development programme. This has added to the business/investment opportunities presented by Sri Lanka’s development programme. Given Sri Lanka’s increasing business potential supported by the country’s geographical positioning in the Indian Ocean, strong trade ties with many foreign countries and the improving business conducive environment, foreign businesses/investors could confidently explore the expanding business/investment opportunities in the country’s ongoing development programme. Foreign businesses could also look at engaging in these opportunities through partnerships or joint ventures with local businesses.
| Article Code : | VBS/AT/20251212/Z_1 |