Sri Lanka seeks US$310mn World Bank loan to reduce climate risk

ECONOMYNEXT- The Sri Lanka will seek a 310 million US dollar loan with the World Bank to mitigate climate disasters, the state information office said.

The cabinet of ministers had cleared a proposal of Finance Minister Mangala Samaraweera to begin negotiations for the loan.

The proceeds of the loan will be used to mitigate climate risks across 11 river basins

The 8-10 year project will be carried out in three phases, with the first phase aimed at giving early flood warnings and reducing the danger of flooding in the Kelani River.

The first phase will especially focus on the Kelani River stretch between Hanwella and Kaduwela.

It will also improve meteorological data and disaster early warning systems.

The Meteorology Department is projecting over 500,000 people to get affected by floods in the upcoming monsoon season, while several roads are expected to go underwater.

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The World Bank has said that Sri Lanka is one of Asia’s top countries prone to climate risks.

The 2019 Climate Risk Index, compiled by Germanwatch, a think tank, ranked Sri Lanka as the world’s second-most affected country from climate change in 2017.(Colombo/Jun05/2019)