EIB Vice President due here

Newly appointed European Investment Bank (EIB) Vice President responsible for South Asia, Andrew McDowell is scheduled to arrive in Sri Lanka this evening on a historic visit to explore new opportunities for future investment.

A high-level delegation from the EIB, the world’s largest international public bank, will make the three day official visit to Sri Lanka at the start of a South Asia regional tour.

Vice President McDowell is scheduled to discuss recent engagement and future investment with Prime Minister Ranil Wickremesinghe and senior government ministers, business leaders, members of the diplomatic community and local and international financial institutions.

He will also inspect ongoing construction work to upgrade wastewater infrastructure in Colombo financed by the EIB in conjunction with the Asian Development Bank (ADB).

Issuing a press release ahead of the Vice President’s visit, the EIB said the visit represents the first visit of a Bank Vice President to Sri Lanka in more than five years.

“The EIB’s visit to Sri Lanka builds on the fruitful discussions with Finance Minister Ravi Karunanayake following the Bank’s first ever support for water investment in Sri Lanka and the first loan for public sector investment agreed with the government,” Vice President McDowell said before his arrival in Colombo.

Tomorrow, the Delegation is scheduled to visit a number of sites around Colombo to see how new investment is improving the supply of clean water and treatment of waste water in Colombo.

“I look forward to seeing at first hand the hard work being done across Colombo to improve water services for inhabitants and discussions with government ministers and other Sri Lankan partners how the EIB’s unique global experience can contribute to strengthening new sustainable development and climate related investment across the country,” said Vice President McDowell.

In January, the EIB agreed to provide EUR 50 million to support improvement and expansion of sewage networks across the Sri Lankan capital Colombo.

The new water investment programme will include provision of a new sewage network in currently un-served areas of Kirillopone. Under the initiative a new wastewater treatment facility will also be built to reduce pollution at the Wellawata sea outfall.

The ADB will also support the water investment project and this new initiative marks the first time that the EIB has financed a project alongside another International Financial Institution in Sri Lanka.

Meanwhile, Tung-Laï Margue, EU Ambassador to Sri Lanka and the Maldives said the visit by the EIB is an opportunity for the Sri Lankan Government to showcase their plans for the sustainable development of the country.

“I am confident that strengthened engagement by the EIB will lead to new investment across the key sectors that are vital for the modernisation of the country's infrastructure. These investments have the potential to deliver benefits for all Sri Lankans,” he said.