Sri Lanka: Colombo Urban Regeneration Project (AIIB-000081)

Countries
  • Sri Lanka
Where the impacts of the investment may be experienced.
Specific Location
Colombo
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 1, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Government of Sri Lanka
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 200.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 280.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ AIIB website

Updated in EWS Jun 25, 2018

Disclosed by Bank May 9, 2018


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Project Description

The Project objective is to improve the housing conditions of low-income communities and increase land use efficiency in Colombo through investments in the construction of affordable housing and the redevelopment of land.

The bank document stated that the direct beneficiaries of HEIP include approximately 16,356 students (5,070 females: 31.0 percent) in the relevant departments at targeted HEIs who will enhance learning from: (a) improved  teaching; (b) additional research opportunities; (c) more learning materials; and (d) upgraded facilities. Other beneficiaries include academic staff at targeted HEIs who will benefit from the higher education partnership programs and research funds.

 

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)

Co-financing:

Government of Sri Lanka US$ 80 million

Contact Information

Asian Infrastructure Investment Bank (AIIB)
Anzheng Wei
ProjectTeam Leader/Investment Officer
Tel: +86(10) 8358 0195
Email: awei@aiib.org

Borrower
Madara Sevwandi De Silva
Director, External Resources Department
Ministry of National Policies and Economic Affairs
Tel: +94 112484717
Email: Madara@erd.gov.lk

Implementation Agency
E.A.C. Priyashantha
Director, Housing Urban Development Authority
Ministry of Megapolis and Western Development
Tel: +94 714443972
Email: ellethotaarachchige@gmail.com

 

ACCOUNTABILITY MECHANISM OF AIIB

In addition, the AIIB has a Bank Oversight Mechanism. According to AIIB's policies, "people who believe they have been or are likely to be adversely affected by a failure of the Bank to implement the ESP may also submit complaints to the Bank's oversight mechanism in accordance with the policies and procedures to be established by the Bank for such mechanism." However, at the time of writing, it is unclear what the exact scope and function of this Oversight Mechanism will be.