Colombo Urban Regeneration Project

Previous phases of the Colombo Urban Regeneration Project have failed to improve low income residents' access to adequate housing. 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.

On April 4, the Asian Infrastructure Investment Bank (AIIB) announced that it had approved the Colombo Urban Regeneration Project, a $200 million project that the Bank states “will improve housing conditions for low-income communities in Colombo by constructing affordable housing and redeveloping land” and will “improve living conditions for those most in need in the country.”

The AIIB-funded project is part of a broader initiative, the Urban Regeneration Project (URP), under which an estimated 50,000 households will be resettled. The initiative has a long and complex history.