Sri Lanka explores investment opportunities with EIB on green projects

 

The possibilities for collaboration in green projects were discussed by Sri Lanka and the European Investment Bank (EIB) when an envoy from Sri Lanka to the European Union recently met with top EIB officials in Brussels. As a follow-up to the conference between the Foreign Ministers of Sri Lanka and Luxembourg held in Colombo on 31 January 2020, Ambassador Grace Asirwatham of Sri Lanka to Belgium, the European Union, and Luxembourg met Dr. Werner Hoyer, President of the European Investment Bank (EIB), on 24 September 2020.

The conference also joined by a team of senior EIB officials consisting of Vice President Christian Kettel Thomsen, Director General / Deputy Head of Operations Luca Lazzaroli, Head of the Asia & Pacific Division, Public Sector Operations, Edvardas Bumsteinas Global Partners Group, and Donal Cannon, Head of the EIB Regional Representation for South Asia based in New Delhi.

The discussion focused on the ongoing activities of the EIB in Sri Lanka and the possibilities for Sri Lanka and the EIB to establish cooperation in the field of Green Projects and impressed by the emphasis on promoting green projects in Sri Lanka under the National Policy System 'Views of prosperity and splendor' with medium to long-term objectives, in particular green public transport, the establishment of eco-industrial zones for the recycling of industrial waste, the construction of green buildings under the green and smart cities, etc.

Concerning the proposals for the growth of the renewable energy sector, particularly for wind and solar energy projects, the President of the EIB confirmed that the areas proposed for financial cooperation are well within reach of the EIB and agreed to assist Sri Lanka in achieving the proposed renewable energy targets.

The President of the EIB welcomed Sri Lanka's contribution to environmental conservation, climate change mitigation, and cooperation with the UNFCC, including exchanging information on nationally defined goals, GHG emission reduction goals by 2030, and progress towards achieving SDGs. Dr. Hoyer advised Sri Lanka to continue the technical discussion with the EIB Vice-President and Senior Officials on the necessary project proposals to develop the financial cooperation envisaged for investments in green projects.

OSL Take: The government of Sri Lanka's focus is on making the country a maritime hub in the Indian Ocean region. The port already has an industrial zone on the premises, which provides an ideal business space for companies engaged in exports and logistics. The recent achievements of the ports of Colombo and Hambantota suggest that the country is moving closer to achieving this goal. All these innovations will help Sri Lanka engage with other countries in trade activities. On the other hand, by developing other harbors around the nation and developing the necessary infrastructure facilities, Sri Lanka could attract more cruise liners to the state. Foreign businesses/investors should explore the increasing investment opportunities in Sri Lanka's ports and shipping sector.

 VBS/AT/23102020/Z_TB3