European Investment Bank team looks for Sri Lanka investment opportunities
Mar 27, 2017 19:34 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – The European Investment Bank (EIB) will send a high-level delegation to Sri Lanka to explore new opportunities for future investment on a three day visit later this week at the start of a South Asia tour.
A high-level delegation from the European Investment Bank, the world’s largest international public bank, will make a three day official visit to Sri Lanka later this weekat the start of a South Asia regional tour.
It is led by Andrew McDowell, newly appointed Vice President of the EIB responsible for South Asia.
He will discuss recent engagement and future investment with Prime Minister Ranil Wickremesinghe and senior government ministers, business leaders, members of the diplomatic community and local and international financial institutions, a statement said.
McDowell will also inspect ongoing construction work to upgrade wastewater infrastructure in Colombo financed by the EIB, the world’s largest international public bank, in conjunction with the Asian Development Bank.
The European Investment Bank is Europe’s long-term lending institution and owned directly by the 28 European Union member states.
The European Investment Bank has supported investment in Sri Lanka since 2002 including backing climate related investment, private companies and post-tsunami recovery, the statement said.
“The European Investment Bank has a strong track record of supporting transformational investment that improves lives and economic opportunities across Asia and around the world,” McDowell was quoted as saying.
“This week’s visit to Sri Lanka builds on the fruitful discussions with Finance Minister Ravi Karunanayake following the European Investment Bank’s first ever support for water investment in Sri Lanka and the first loan for public sector investment agreed with this government.”
In January the European Investment Bank agreed to provide EUR 50 million to support improvement and expansion of sewage networks across the Sri Lankan capital Colombo.
The loan will help Colombo Municipal Council to achieve its goal of providing full sanitation coverage to benefit people living and working in the greater Colombo area and represented the EIB’s fifth sovereign loan in the country.
The European Investment Bank expects to provide more than EUR 1 billion each year to support new investment across Asia.
(COLOMBO, March 27, 2017)