Sri Lanka to receive World Bank assistance for climate reliance
The IBRD will provide credit facilities to Sri Lanka in the first phase of a project aimed at mitigating the risks caused by adverse weather patterns.
Minister of Finance and Mass Media Mangala Samaraweera was granted approval by the cabinet of Sri Lanka to proceed with loan negotiations for the formation of a suitable financing agreement with the IBRD.
The overall project targets development covering several rivers including Mahaweli, Kelani, Malwathu, Gin, Nilwala, Aththanagalu and Mundeni Aru, and the river basins of Kala Oya, Deduru Oya, Maha Oya and Gal Oya, under three phases during a period of eight to 10 years.
The loan from the World Bank will finance an estimated US$ 310 million covering the first stage of the multiphase project, which is expected to expand the government’s capacity to effectively respond to climatic disasters.
This initial phase includes the establishment of the Flood Early Warning and Upper Kelani Flood Mitigation project.