colombo: Investment in the Urban Regeneration Project will support the construction of about 5,500 housing units and other related infrastructure in Colombo, according to Global Times China. The housing units will be provided to individuals and families currently living in under-served settlements that are impacted by poor sewer and solid waste management systems and dilapidated housing structures. A 200-million-dollar loan will improve housing conditions for low-income communities in Colombo by constructing affordable housing and redeveloping land, while another loan of 80 million dollars will be used to reduce the risk and damage from landslides in Sri Lanka, the AIIB said. Providing affording housing will improve the quality of life for those in need in Colombo, said AIIB Vice President and Chief Investment Officer D.J. Pandian. The investment to reduce landslide risk will support the design and construction of mitigation or protection measures where landslides have already occurred or are at risk of occurring. Smarter urban planning will also enable the city to attract more foreign investment and increase its potential as an economic hub for the country.
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