AIIB Watch Cases

Status: Approved
Timeframe: 2018-2025
Area: Colombo, Democratic Socialist Republic of Sri Lanka
AIIB Investment Amount: US$ 200 million
Total Project Cost: US$ 287 million
Co-financier: GoSL: US$ 84 million; Private Partner: US$ 5 million

E&S Category: A

Project Details: This project aims to resettle about 50.000 low-income and lower-middle-income households into new high-rise apartment buildings with improved utilities and facilities. AIIB has recently approved financing for the third phase of the project, under which approximately 23,000 people will be resettled in Sri Lanka's capital city.

Resettlement: The current occupants do not hold the legal right to the land, AIIB therefore classifies it as “no involuntary land acquisition”. The project will offer alternate housing for the households who will be displaced by the recovery of their land.

CSO Reports and organizations monitoring: Bank Information Center

Further information: AIIB Page

Last update: 31.12.2023