The European Union (EU) is set to provide $ 21.5 million in funding to six South Asian countries, including Sri Lanka.
The European Union (EU) says the benefits will be used to encourage investment in Sri Lanka’s energy, water, waste management, transportation, supply and green buildings.
Bangladesh, Bhutan, India, Maldives and Nepal are the other recipients of these benefits.
Five Year Plan 2021-2026 under the program Accelerating Climate-Smart and Inclusive Infrastructure in South Asia (ACSIIS) to Encourage Investment in Energy, Water, Waste Management, Transportation, Supply and Green Buildings to Benefit People and Businesses in These Countries As this is functional.
This project is being carried out under the above program through a new partnership between the European Union and the International Monetary Fund.
The EU also says that the impact of the COVID-19 epidemic has had a major impact on global infrastructure investment.
Investment in infrastructure with private participation will fall by an unprecedented 52% in 2020 from its levels in 2019.
The International Monetary Fund estimates that the complete fulfillment of national goals under the Paris Agreement by 2030 could open up more than $ 3 trillion to climate-smart investment opportunities in South Asian countries.
Under the Climate-Smart Strategy, the association hopes to transform agro-food systems into green and climate-friendly practices.
“Attracting private capital for climate-smart infrastructure in a sustainable and inclusive manner will be critical for post-COVID-19 recovery in South Asia,” said Hector Gomez Ang, Regional Director for South Asia at IFC.
“The EU’s support for the program could not come at a better time as it is vital to act now to unblock obstacles to spurring sustainable infrastructure projects. This program will leverage IFC’s experience and expertise in supporting climate-smart infrastructure development in the region,” he added.
The program will also support the development of climate-smart investments in agriculture, manufacturing, tourism, health, and education while focusing on key themes such as cities, gender, and green finance. The latest initiative builds on IFC’s previous partnership with the EU to support the Eco-Cities Program in India and other programs in the region.
