Cabinet approves $ 93 m ADB loan for Mahaweli water conservation project

Wednesday, 11 September 2024 00:00 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers on Monday approved entering into a loan agreement with the Asian Development Bank (ADB) for a $ 93 million loan.

The funds will come from the ADB’s general capital resources and are earmarked for the ongoing Mahaweli Water Conservation Investment Program.

This program, launched in 2015 under a multistage financial facility from the ADB, includes three major projects aimed at improving water conservation efforts in the Mahaweli region.

The total estimated cost of the program stands at

$ 675 million, with ADB committing to providing

$ 453 million.

The first two tranches of the ADB loan were released in 2015 and 2017.

Following discussions, the final instalment of $ 93 million has been cleared by the ADB, marking a significant step in completing the remaining components of the program.

The Mahaweli Water Conservation Investment Program is critical to enhancing water management and agricultural productivity in one of country’s most vital regions.

The proposal presented by President Ranil Wickremesinghe, in his capacity as the Finance, Economic Stabilisation and National Policies Minister was approved by the Cabinet of Ministers.

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