SL to negotiate with China-backed AIIB for US $ 115mn loan

Sri Lanka plans to borrow US $ 115 million from the Asian Infrastructure Investment Bank (AIIB), a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region backed by China, to implement an accelerated solid waste management project. A cabinet spokesperson yesterday said the proposed solid waste project, to be located in Aruwakkalu in Puttalam, would cost US $ 274 million.

He said the cabinet has approved the proposal by National Policies and Economic Affairs Minister and Prime Minister Ranil Wickremesinghe to negotiate with the AIIB for this loan facility.  Sri Lanka will also be negotiating with the International Bank for Reconstruction and Development of the World Bank for another US $ 115 million for the project, he said.

The government’s contribution to the project will be US $ 44 million.