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OPEC Fund chips in after Sri Lanka's Kaluganga reservoir costs rise

Oct 15, 2017 15:49 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Sri Lanka's Kaluganga reservoir project had received 18 million dollars of extra funding after costs escalated due to design changes, the finance ministry said.

The Kaluganga Development Project is by the Saudi Fund for Development (SFD), Kuwait Fund for Arab Economic Development (KFAED) and OPEC Fund for International Development (OFID).

"Unforeseen geological conditions in the foundations and necessary design revisions" have increased construction costs, the statement said.

The other funders are also expected to up their contribution.

The Kaluganga Reservoir has a capacity of 265 million cubic meters and will divert 100 million cubic meters a year to the Moragahakanda Reservoir, which also now being built.

The reservoir will irrigate 3,000 hectares in the Kaluganga basin.

Loan Agreement was signed on October 13, 2017 at OFID's Washington office between Sri Lanka's Treasury Secretary R.H.S. Samaratunge, and OFID Director General, Suleiman J. Al- Herbish. (Colombo/October14/2017)

OPEC Fund chips in after Sri Lanka's Kaluganga reservoir costs rise

ECONOMYNEXT - Sri Lanka's Kaluganga reservoir project had received 18 million dollars of extra funding after costs escalated due to design changes, the finance ministry said. <p>

The Kaluganga Development Project is by the Saudi Fund for Development (SFD), Kuwait Fund for Arab Economic Development (KFAED) and OPEC Fund for International Development (OFID).

"Unforeseen geological conditions in the foundations and necessary design revisions" have increased construction costs, the statement said.

The other funders are also expected to up their contribution.

The Kaluganga Reservoir has a capacity of 265 million cubic meters and will divert 100 million cubic meters a year to the Moragahakanda Reservoir, which also now being built.

The reservoir will irrigate 3,000 hectares in the Kaluganga basin.

Loan Agreement was signed on October 13, 2017 at OFID's Washington office between Sri Lanka's Treasury Secretary R.H.S. Samaratunge, and OFID Director General, Suleiman J. Al- Herbish. (Colombo/October14/2017)
 


 

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