The loan agreements for the ‘first’ two projects financed by the Beijing based Asian Infrastructure Investment Bank (AIIB) were signed between the Government of Sri Lanka (GoSL) and the AIIB on 25 April in Beijing, the External Resources Department (ERD) in a statement said on 30 April.
The loans totalling US$ 280 million were for the ‘Reduction of Landslide Vulnerability by Mitigation Measures Project (RLVMMP) and the Colombo Urban Regeneration Project (CURP). The total value of these two projects is $ 397 million, of which the balance $ 117 million will be mainly funded by the GoSL, it said.
The statement further said that the RLVMMP is a $ 110 million project. The objective of the proposed project is to reduce risk and damage from landslides through the implementation of physical mitigation measures and the enhancement of policy and regulation associated with landslide management. The project will include field investigations, detailed designs, construction works and construction supervision/management activities for the landslide mitigation measures for 147 prioritized sites in 10 Districts.
The AIIB will provide $ 80 million while the GoSL will provide the balance $ 30 million, which will cover the relevant taxes and the cost of the initial design and investigation works. This project will be implemented by National Building Research Organization under the supervision of the Ministry of Public Administration and Disaster Management.
In respect of the CURP, the ERD said that the total project cost is estimated at $ 287 million. ‘The objectives of this project are to improve the housing conditions of low-income communities and increase land use efficiency in Colombo through investments in the construction of affordable housing and the redevelopment of land, along with the associated enhancement of systems and policies,’ the ERD said.
The AIIB has agreed to finance this project through a loan facility of $ 200 million, while the GoSL will provide $ 82 million which will cover the relevant taxes and the cost of initial design and investigation works and the balance $ five 5 million will be provided through a private partner. This project will be implemented by the Urban Development Authority under the Ministry of Megapolis and Western Development.
‘The Vice President and Chief Investment Officer of the AIIB, Dr. D.J. Pandian signed on behalf of the AIIB, and the Ambassador of Sri Lanka in Beijing, Dr. Karunasena Kodituwakku signed on behalf of the GoSL,’ the ERD further said.
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