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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2039

Financial Assistance of SAR 273.75 million (USD 73 million) from Saudi Fund for Development

Colombo, 25 October, (Asiantribune.com):

One of the most priorities of the Government of Sri Lanka is to make competent people who will be participating in the national development of the country.

1. Wayamba University Township Development Project (SAR 105 million)

In this regard the Government has planned to increase the expenditure on education which is imperative to generate highly productive literate population. In line with government’s policy framework, the Wayamba University Township Development Project is to be implemented by the Ministry of Higher Education & Highways.

The above project is designed to develop academic facilities and infrastructure of the university as well as re enforce the livelihood of the people who live in immediate surrounding area of the university. The major objective of the above project is to establish knowledge based self-reliant and sustainable community interactive system for the Wayamba University, Sri Lanka. Saudi Fund for Development (SFD) has agreed to provide a concessional loan of SAR 105 million (USD 28 million) for the above project.

2. Left Bank Development Project in Kaluganga (SAR 168.75 million)

In the meantime, the Government of Sri Lanka in its long term development strategy recognizes the Irrigation and Water Resources Management as a national priority. In line with this strategy, the Left Bank Development Project in Kaluganga will be implemented by the Ministry of Irrigation and Water Resources Management.

It is planned to undertake activities such as construction of Kaluganga Reservoir, increase the capacity of Janaranjana Wewa, and augmentation of minor/medium tanks with the development of Irrigation Canal System under this project, in order to provide water to Kinniya and Kanthale Divisional Secretariat Divisions in Trincomalee District and Madirigiriya in Polonnaruwa District for irrigation. Saudi Fund for Development has agreed to provide a concessional loan of SAR 168.75 million (USD 45million) to implement the above project.

Accordingly, the Loan Agreements have been signed on 24th October 2017 at the Ministry of Finance and Mass Media by Dr. R.H.S. Samaratunge, Secretary to the Ministry of Finance and Mass Media on behalf of the Government of Democratic Socialist Republic of Sri Lanka and Mr. Fawzi Al Saud, Director General of Operation Department of Saudi Fund for Development. Some senior officials of the Saudi Fund for Development, Department of External Resources, Ministry of Higher Education & Highways and Ministry of Irrigation and Water Resources Management were also present at this occasion.

- Asian Tribune -

Financial Assistance of SAR 273.75 million (USD 73 million) from Saudi Fund for Development
Financial Assistance of SAR 273.75 million (USD 73 million) from Saudi Fund for Development
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