ADB to fund age­ing wa­ter project in Colombo

The Pak Banker - - Front Page -

MANILA

The Asian De­vel­op­ment Bank (ADB) is pro­vid­ing $300 mil­lion in loans to over­haul the qual­ity, cov­er­age, and man­age­ment of wa­ter and waste­water ser­vices in the Sri Lankan cap­i­tal, Colombo.

Parts of Colombo’s wa­ter sup­ply dis­tri­bu­tion net­work are over 100 years old and some ar­eas only get wa­ter for less than half the day, while the sewer net­work suf­fers from fre­quent col­lapses and block­ages, said Mingyuan Fan, Ur­ban De­vel­op­ment Spe­cial­ist in ADB’s South Asia Depart­ment. Our as­sis­tance will help the gov­ern­ment make wa­ter and san­i­ta­tion ser­vices higher qual­ity, cost­ef­fec­tive, and sus­tain­able.

The mul­ti­tranche fi­nanc­ing fa­cil­ity ap­proved by the ADB Board of Di­rec­tors will sup­port a $400 mil­lion gov­ern­ment in­vest­ment pro­gram to im­prove wa­ter and san­i­ta­tion in greater Colombo. ADB’s first tranche loan of $84 mil­lion will fo­cus on re­duc­ing wa­ter losses in Colombo, which are es­ti­mated to cost more than $13 mil­lion a year in fore­gone rev­enue.

The pro­gram aims to make wa­ter avail­able 24 hours a day throughout greater Colombo by 2020.

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