A high-level delegation from the European Investment Bank (EIB), the world’s largest international public bank, will make a three day official visit to Sri Lanka later this week at the start of a South Asia regional tour, an EIB release said yesterday.
Andrew McDowell, newly appointed Vice President of the European Investment Bank responsible for South Asia, will discuss recent engagement and future investment with Prime Minister Ranil Wickremesinghe and ministers, business leaders, members of the diplomatic community and local and international financial institutions. Vice-President McDowell will also inspect ongoing construction work to upgrade wastewater infrastructure in Colombo financed by the European Investment Bank in conjunction with the Asian Development Bank.
The European Investment Bank is Europe’s long-term lending institution and owned by the 28 European Union member states. The European Investment Bank has supported investment in Sri Lanka since 2002, including backing climate related investment, private companies and post-tsunami recovery.
This week’s visit represents the first visit of a Vice President of the European Investment Bank to Sri Lanka in more than five years.
In January, the European Investment Bank agreed to provide EUR 50 million to support improvement and expansion of sewage networks across the Colombo city.
The loan will help Colombo Municipal Council to achieve its goal of providing full sanitation coverage to benefit people living and working in the greater Colombo area and represented the EIB’s fifth sovereign loan in the country.