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SL signs agreements for first two loans from Beijing-based AIIB

Sri Lanka signed agreements with Beijing-based Asian Infrastructure Investment Bank (AIIB) to obtain US $ 200 million and US $80 million separately as two concessional loans, it is learnt.

This will be the first loan facility to be extended by AIIB as a multilateral donor agency based in Beijing, China.

According to the Sri Lankan Embassy in Beijing, Ambassador Dr. Karunasena Kodituwakku and AIIB Chief Investment Officer Dr. D.J. Pandian signed the agreement.

One loan is meant for the Reduction of Landslide Vulnerability and Mitigation Measures project. The total cost is US $ 110 million, and AIIB will finance US $ 80 million of it. The rest will be financed by the Sri Lankan Government.

The second loan was signed for the Colombo Urban Regeneration Project. That is to improve the housing condition of low-income communities and increase land use efficiency. AIIB will provide US $ 200 million as a loan. The government will bear US $ 82 million of the project cost, and a private partner US $ 5 million.

AIIB is a multilateral donor institution like the World Bank and the Asian Development Bank. (Daily Mirror)