Sri Lankan government to seek US$ 115 million loan from Chinese backed AIIB for a waste disposal project
The Sri Lankan government is to seek a US$ 115 million loan from the Chinese backed Asian Infrastructure Investment Bank (AIIB) for a waste disposal project in the Western Province.
The decision to go for the AIIB loan was announced by Co-Cabinet Spokesman Minister Gayantha Karunathilaka yesterday.
The US$ 274 million solid waste project is to be located in Aruwakkalu in Puttalam.
The Cabinet of Ministers had on Tuesday granted approval for the proposal presented by the National Policies Minister and Prime Minister to negotiate with the AIIB for the US$ 115 million loan.
According to reports, Sri Lanka will separately negotiate with the World Bank for a US$ 115 million loan.
It is also reported that the Sri Lankan government will provide US$ 44 million for the project.
The waste disposal project targeting the Western Province, which is the most populated area in Sri Lanka, has opened up an opportunity for interested parties to take part in the project. The AIIB loan, which the government is to negotiate, indicates the access to funding for the project. Also, interested investors could look at presenting similar projects to other parts of the country.
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