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Kuwait,Sri Lanka : SRI LANKA secured funds from KUWAIT to finance the Kalu Ganga Development Project
Publish Date : 04-Apr-2017
The Government of Sri Lanka has accomplished the signing of a multi-million-dollar worth of loan deal with the Kuwaiti Government for the Kalu Ganga project.
Sri Lanka has signed the Supplementary Loan Agreement in Kuwait with the Kuwait Fund for Arab Economic Development (the Fund) to finance the development of the Kalu Ganga project.
As part of the newly signed deal, the Fund will offer a Loan of Kuwaiti Dinars five million (K.D.) 5,500,000/- (almost US$ 17 million) to the island nation to help it support the additional expenses of Kalu Ganga Development Project.
The new loan represents the Kuwait Funds second offering for the project, while the first worth K.D. 10 million (almost US$ 34 million) is being provided under the Agreement No. 781 signed with Sri Lanka on 9/3/2009.
The Fund fully relies on its own resources to deliver loans and developmental supports.
The Sri Lankan Finance Ministry Secretary Dr. RHS Samaratunga has signed the Supplementary Loan Agreement for his country, while the
Kuwait Funds Deputy Director-General Hamad Al-Omar has accomplished job on his organizations behalf.
The deal signing ritual has been carried out in the presence of Waleed Al-Bahar, Regional Manager for East South Asia and Pacific Countries and Fawaz Al-Adasani, Assistant Regional Manager for East South Asia and Pacific Countries at the Kuwait Fund and Charitha Weerasinghe, First Secretary and Head of Chancery to the Embassy of the Democratic Socialist Republic of Sri Lanka to the State of Kuwait.
The Kalu Ganga Development Project is intended for improving the output of agricultural sector of the Mahaweli Basin via making provisions for water essential to boost cultivated land, facilitating enhancement of food productivity and enrichment of the standard of living for the people covered under the scheme.
