US$45mn Saudi soft loan for Sri Lanka Kaluganga irrigation project
Oct 24, 2017 17:47 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – The Saudi Fund for Development (SFD) has agreed to provide a concessional loan of 168.75 million rial (US$45 million) for Sri Lanka’s Kaluganga river irrigation project to divert water to the dry zone.
The Kaluganga Left Bank Development Project will result in the construction of the Kaluganga Reservoir, increase the capacity of Janaranjana Wewa, and augmentation of minor and medium tanks, the Ministry of Finance said in a statement.
The project by the Ministry of Irrigation and Water Resources Management will also see the development of an irrigation canal system to provide water to Kinniya and Kanthale Divisional Secretariat Divisions in the eastern Trincomalee District and Madirigiriya in Polonnaruwa District.
The Ministry of Finance said the government of Sri Lanka in its long term development strategy recognizes irrigation and water resources management as a national priority.
Saudi Fund for Development has also agreed to provide a concessional loan of 105 million rial (US$28 million) for the Wayamba University Township Development Project under the government policy of increasing spending on education.
The project, to be implemented by the Ministry of Higher Education & Highways, is designed to develop academic facilities and infrastructure of the university as well as improve the livelihoods of people living in near the university.
(COLOMBO, October 24, 2017)