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Sri Lanka capital development plan
27 May 2011: Sri Lanka is to accelerate the development of the capital city Colombo at a cost of Rs 1,665 crore with full funding from the World Bank.
The cabinet has approved the funding for the Metro Colombo Urban Development Project aimed to improve planning and delivery of priority infrastructure and local services in the Metro Colombo Region.
The $150 million (approx Rs 675 crore) project will reduce the occurrence of floods affecting the people and assets in the region, implement medium and small scale infrastructure projects benefiting the residents of the metro area and enhance the institutional capacity of local authorities.
Source: Colombopage