Sri Lanka seeks US$ 310 million loan from World Bank to mitigate climate disasters
Sri Lanka’s Government Information Department has reportedly stated that the government of Sri Lanka will seek a US$ 310 million loan with the World Bank to mitigate climate disasters.
The Cabinet of Ministers in Sri Lanka had cleared a proposal of the country’s Finance Minister Mangala Samaraweera to begin negotiations for the loan.
The proceeds of the loan will be used to mitigate climate risks across 11 river basins, the Department has said.
The 8-10 year project will be carried out in three phases, with the first phase aimed at giving early flood warnings and reducing the danger of flooding in the Kelani River, the Department has further stated.
Accordingly, the first phase will especially focus on the Kelani River stretch between Hanwella and Kaduwela.
The Department has added that the programme will also improve meteorological data and disaster early warning systems.
The Meteorology Department has reportedly projected over 500,000 people to get affected by floods in the upcoming monsoon season, while several roads are expected to go underwater.
The World Bank has said that Sri Lanka is one of Asia’s top countries prone to climate risks.
OSL take:
The loan sought by the government of Sri Lanka from the World Bank to mitigate climate disasters in the country is indicative of the increasing demand for infrastructure development in the country. Therefore foreign businesses/investors could explore business/investment opportunities in Sri Lanka’s development programme.
| Article Code : | VBS/AT/10062019/Z_1 |