Friday, June 14, 2024

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European Investment Bank waits for IMF offer to unlock aid for Sri Lanka

The European Investment Bank (EIB) has expressed willingness to continue its financial assistance to Sri Lanka even making new fiscal commitments following the outcome of the country’s effort to gain the US$2.9 billion IMF extended Fund Facility.

The EIB is monitoring the offer made to Sri Lanka by the International Monetary Fund (IMF) as it will depend on the IMF offer to unlock financial assistance of other international financial agencies.

Vice President of the EIB Kris Peeters Peeters NOTED that the EIB was closely monitoring the progress of Sri Lanka’s economic revival, particularly the IMF’s offer of an Extended Fund Facility (EFF) for Sri Lanka.

Mr .Peeters said that the EIB will continue its commitment of Euro 50 million to fund the ongoing Greater Colombo wastewater management project in Sri Lanka.

He added that once the IMF’s Extended Fund Facility (EFF) for Sri Lanka comes into force, the EIB may be able to consider new financial commitments to support green projects in consultation and collaboration with the European Commission.

Kris Peeters, who previously served as the Deputy Prime Minister of Belgium, later joined EU politics before being appointed as the Vice President of the EIB.

Sri Lanka Ambassador to Belgium, Luxembourg, and Head of Mission to the European Union Grace Asirwatham met with Vice President of the European Investment Bank Kris Peeters in Luxembourg.

Senior Loan Officer, Public Sector Operations, Asia and Pacific, in the Global Partners Department of the EIB Francesco Consiglio, and Head of the Office of the Vice President Anouk Hamers were also associated with the meeting.

Ambassador Asirwatham briefed the Vice President of the EIB on the current economic situation in Sri Lanka and the actions being taken by the Government of Sri Lanka, including the engagement with the International Monetary Fund to ride out the crisis.

Ambassador Asirwatham further briefed the Vice President on the vision of the President of Sri Lanka to develop an export-oriented competitive economy, an environmentally friendly green and blue economy, and a digital economy.

Given that the EIB supports a large number of green projects around the world, the Ambassador presented details of Sri Lanka’s ambitious plans to become a green economy by 2050.

She also outlined the various measures proposed in that direction in the preliminary report on the Sri Lanka Climate Prosperity Plan, including Sri Lanka’s commitment to supporting the Paris goals of limiting global warming, decreasing carbon emissions by 2030.

Sri Lanka also plans to become a low-carbon hub, as well as to achieve 70% of renewable energy in electricity production by 2030, among other initiatives.

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