Sri Lanka to seek US$115mn from China-backed AIIB for waste project

ECONOMYNEXT – Sri Lanka is to seek a 115 million dollar loan from China backed Asian Infrastructure Investment Bank for a water disposal project in the Western Province where the capital Colombo is located, Cabinet Spokesman Minister Gayantha Karunathilaka said.

The solid waste project to be located in Aruwakkalu in Puttalam is expected to cost 274 million dollars.

The cabinet of ministers had approved a proposal by National Policies Minister and Prime Minister to negotiate with the AIIB for the 115 million dollar loan.

Sri Lanka will separately negotiate with the World Bank for a 115 million dollar loan.

Sri Lanka’s government will provide 44 million dollars for the project. (Colombo/Feb21/2018)

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