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Press briefing of Cabinet Decision taken on 2012-02-01
Financial Assistance for Implementation of Metro Colombo Urban Development Project from the International Bank for Reconstruction & Development (IBRD) of World Bank
- loan negotiations are scheduled to be held in Mid February 2012, with the International Bank for Reconstruction and Development (IBRB) of the World Bank to obtain financial assistance in a sum of US $213 million for the implementation of the above project. The objective of the project is to reduce adverse physical and socio-economic impact of flooding in the Colombo Metropolitan Area and to improve the overall capacity of land use and economic activities in the said area. It is expected to commence project activities in April 2012 and to be completed within three (03) years. The proposal made by Hon. H.E. the President, in his capacity as the Minister of Finance and Planning, to conduct negotiations with IBRB of the World Bank and to enter into a financial agreement with the said Bank, was approved by the Cabinet.