The Cabinet of Ministers has granted approval for Sri Lanka Land Development Corporation (SLLDC) to implement identified flood minimising projects worth of Rs 2.8 billion in risk-prone Colombo and its suburbs as well as in other areas in the country during the year.
Prime Minister Mahinda Rajapaksa on Monday in his capacity as the Minister of Urban Development and Housing sought approval for the projects identified by SLLDC.
The main purpose of these projects was to ensure environmentally sustainable urbanization in the country.
According to the United Nations Office for Disaster Risk Reduction (UNDRR), floods are currently the largest contributor to Sri Lanka’s average annual losses from disasters of approximately US$ 140 million per year.
By 2030, these figures are projected to increase upto US$338 million affecting 26,000 people per annum due to development activities and climate change.