Description

On 25 October 2012, Asian Development Bank (ADB) approved a multitranche financing facility (MFF) of $300 million, envisaged to be funded from ADBs Ordinary Capital Resources (OCR) and Asian Development Fund (ADF), for the Greater Colombo Water and Wastewater Management Improvement Investment Program (the Investment Program). Tranche 1 ($84 million) under the Investment Program was approved by the President on 22 November 2012. The MFF is envisaged to comprise three additional tranches as follows: $88 million (Project 2 in 2013); $90 million (Project 3 in 2015); and $38 million (Project 4 in 2016). Tranches 1 and 2 focus on reducing non-revenue water (NRW) and improving water service efficiency in Greater Colombo. Tranches 3 and 4 will support improvement of wastewater collection and treatment facilities and management services in Greater Colombo. The Framework Financing Agreement (FFA) for the Investment Program was signed on 12 September 2012.