Sri Lanka to obtain $ 310 million loan from World Bank to improve country’s resilience to extreme climate events
The Government of Sri Lanka plans to invest US$ 310 million in a multi-phase project to improve country’s resilience to extreme climate events and the government’s capacity to respond to disasters effectively.
The Cabinet of Ministers has previously granted approval to implement the Climate Resilience Multi-Phase Programmatic Approach project to mitigate the risks caused by adverse weather conditions.
The project will cover the rivers of Mahaweli, Kelani, Malwathu, Ging, Nilwala, Aththanagalu, Mundeni Aru and the river basins of Kala oya, Deduru Oya, Maha Oya and Gal Oya under three phases during a period of 8-10 years
In the first phase of the project at an investment of US$ 310 million, it has been planned to carry out the Flood Early Warning and Upper Kelani Flood Mitigation project.
Through this, it is expected to improve the capacity of weather and climate forecasting and early warning on disaster and to take action to reduce flood risks between Hanwella and Kaduwela in the lower Kelani basin.
The International Bank for Reconstruction and Development of the World Bank has extended its willingness to provide credit facilities required for the first phase of the project.
The cabinet granted approval to Minister of Finance Mangala Samaraweera to conduct loan negotiations for the purpose and to enter into a Financing Agreement with the IBRD.