AIIB grants USD 280 m loan for housing and landslide prevention projects

The Asian Infrastructure Investment Bank (AIIB) yesterday (Apr 04) announced that a loan of USD 280 million will be granted to Sri Lanka for the implementation of two projects.

A sum of USD 200 million will be granted for a housing project in Colombo while USD 80 million will be used to develop a mechanism that would assist on reducing the risk and damage from landslides, the AIIB said in a press statement.

The housing project would see the construction of 5500 housing units and other related infrastructure that would be provided to families residing under poor living conditions.

Further, the USD 80 million loan will be used to support the review and strengthening of the policy and regulatory systems for landslide management at the local level, the AIIB said.

“With global warming contributing to increased risk of both the number and intensity of climatic events in Sri Lanka, landslide mitigation efforts are an important part of ensuring the sustainability of vital infrastructure,” AIIB Director General Supee Teravaninthorn was quoted saying in a media release release.