67579


                          Democratic Socialist Republic of Sri Lanka

                          Metro Colombo Urban Development Project

                                 SUMMARY OF DISCUSSION

                               Meeting of the Executive Directors

                                           March 15, 2012



        Executive Directors approved the IBRD loan for the Metro Colombo Urban Development
Project to the Democratic Socialist Republic of Sri Lanka in the amount of US$ 213 million on
the payment terms and conditions set out in the President’s Memorandum (R2012-0028). The
minutes will reflect that Mr. Solomon wished to be recorded as opposing.

       Executive Directors expressed support for the project, which would reduce flooding in
the Colombo Water Basin and strengthen the institutional capacity of local authorities. They
also welcomed this first engagement in Metro Colombo noting its focus on infrastructure
development. Executive Directors further noted the project implementation challenges,
including institutional capacity, social safeguards issues, and stressed the importance of close
monitoring. Finally, Executive Directors highlighted the need for coordination among key
stakeholders.





 This summary is not an approved record.