EIB to Loan €50M for WASH in Sri Lanka
Published on by Water Network Research, Official research team of The Water Network in Government
The European Investment Bank will loan 50 million Euros to expand sewage and water supply in Sri Lanka's capital Colombo.
“New support from the European Investment Bank will help unlock essential new investment to improve sanitation in Colombo. I look forward to strengthening cooperation between the EIB and Sri Lanka in the years to come.” confirmed the Hon. Ravi Karunanayake, M.P., Minister of Finance of Sri Lanka following his meeting in Brussels with senior European Investment Bank officials responsible for lending in South Asia.
"Increased access to sanitation to be achieved by this project will improve the lives of thousands of people living in Colombo and contribute to achievement of sustainable development goals in Sri Lanka," Andrew McDowell, European Investment Bank Vice President said in a statement.
The existing water supply and sewage network in Colombo was built a hundred years ago and is not adequate for the city’s needs. Once complete the upgraded water network will enable clean water to be supplied 24 hours a day and seven days a week, compared to the currently heavily restricted service.
Sri Lanka's capital Colombo
The loan is part of a project co-financed with the Asian Development Bank.
It will be used to expand coverage of water supply and sewerage to the Kirulapone suburb of Colombo and build a water treatment plant in Wellawatte before water is released to the sea.
The agreement for a 25-year financing facility was signed in Brussels by Sri Lanka's Finance Minister Ravi Karunanayake, Development Strategies Minister Malik Samarawickrama and McDowell, who oversees lending to South Asia.
See more at: European Investment Bank
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Taxonomy
- Sanitation
- Integrated Urban Water Management
- Water & Sanitation
- Sanitation & Hygiene
- Sanitation & Hygiene
- Infrastructure
- Water Sanitation & Hygiene (WASH)