### 🏠 Cabinet Approves US$ 158 Mn AIIB Funding for Colombo Housing

The Cabinet of Ministers has cleared the next phase of the Colombo Urban Regeneration Project, securing US$ 158 million in funding from the Asian Infrastructure Investment Bank (AIIB). The initiative, implemented by the Urban Development Authority (UDA), aims to replace low-facility settlements with modern vertical housing. • Overall Housing Impact A total of 4,074 housing units will be constructed to support low-income families currently residing in underserved areas of Colombo. • Sector & Regional Breakdown The project spans six key housing schemes within the Colombo municipality: Colombage Mawatha Stadium Gama Ferguson Apple Watte Madampitiya Obesekarapura • Beneficiary Contributions & Safeguards Capital Contribution: Each eligible household will contribute Rs. 350,000 towards the unit. Maintenance Fund: A deposit of Rs. 50,000 is required per family for long-term upkeep. Legal Support: The Government will fully bear deed registration and legal transfer costs. • Economic Context This urban renewal effort focuses on optimizing urban land use and improving the quality of life for the labor force within the construction and service sectors. By transitioning families to structured housing, the state aims to liberate high-value land for future commercial development. _Status: Based on Cabinet approval and official ministerial briefings._ ---