World Bank approves USD 310 mn loan for climate resilience
Thursday, June 27, 2019 - 01:00 Read Original Article Climate Resilience Multi-Phase Programmatic Approach project is the first of a three-phase investment program totaling $774 million and to be implemented over eight years This comprehensive climate resilience program will reduce losses to people’s livelihoods and public assets while reducing shocks on the economy The World Bank approved a $310 million loan to reduce and mitigate flood risks in the lower Kelani basin in Colombo and improve weather forecasting and early warning systems across Sri Lanka, yesterday. The Climate Resilience Multi-Phase Programmatic Approach project is the first of a three-phase investment program totaling $774 million and to be implemented over eight years. Sri Lanka ranked second among countries most affected by extreme weather events in 2017 and is expected to see a 1.2 percent annual GDP loss by 2050 due to climate change. Floods impacted around 14 million people between ...