Colombo, Jan 23 (NIA) – The European Investment Bank will provide Euros 50 million to support improvement and expansion of sewage networks across the Sri Lankan capital Colombo, a statement said here Monday.
The new 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.
The new EIB loan is European Investment Bank’s first ever support for water investment in Sri Lanka and the first loan for public sector investment agreed with the new post civil-war government.
“New support from the European Investment Bank will help unlock essential new investment to improve sanitation in Colombo. I look forward to strengthening cooperation between the EIB and Sri Lanka in the years to come,” Sri Lanka’s Finance Minister, Ravi Karunanayake said.
“Increased access to sanitation to be achieved by this project will improve the lives of thousands of people living in Colombo and contribute to achievement of sustainable development goals in Sri Lanka,” Andrew McDowell, European Investment Bank Vice President said.
The existing water supply and sewage network in Colombo was built a hundred years ago and is not adequate for the city’s needs.
Once complete the upgraded water network will enable clean water to be supplied 24 hours a day and seven days a week, compared to the currently heavily restricted service.
The new water investment programme will include provision of a new sewage network in currently un-served areas of Kirillopone, in the capital.
Under the initiative a new wastewater treatment facility will also be built to reduce pollution at the Wellawata sea outfall, the EIB said.
Over the last decade the European Investment Bank has provided more than EUR 37 billion for water related investment in 67 countries around the world.
The European Investment Bank is the world’s largest international public bank and one of the largest lenders for water investment worldwide.