EU to explore investment opportunities in Sri Lanka

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Colombo, March 27 (IANS) A high-level delegation from the European Investment Bank (EIB) will make a three-day official visit to Sri Lanka aiming to explore investment opportunities in the country, the European Union (EU) office here said on Monday.

Andrew McDowell, newly appointed EIB vice president, will discuss the recent engagement and future investment with Sri Lankan Prime Minister Ranil Wickremesinghe and senior government officials, business leaders, members of the diplomatic community and financial institutions, Xinhua news agency reported.

McDowell will also inspect the ongoing construction work to upgrade wastewater infrastructure in Colombo which is financed by the EIB in conjunction with the Asian Development Bank.

The EIB, a European long-term lending institution and owned directly by the 28 EU member states, has supported investments in Sri Lanka since 2002, including backing climate-related investment, private companies and post-tsunami recovery.

“The European Investment Bank has a strong track record of supporting transformational investment that improves lives and economic opportunities across Asia and around the world. This week’s visit to Sri Lanka builds on the fruitful discussions with Minister (of Finance) Karunanayake following the European Investment Bank’s first ever support for water investment in Sri Lanka and the first loan for public sector investment agreed with this government,” McDowell said before his arrival in Colombo.

McDowel will become the first vice president of the EIB to visit Sri Lanka in more than five years.

–IANS

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