Govt. seeks $ 16.5 m funding from Kuwait to complete Kalu Ganga Development Project

Friday, 13 January 2017 00:00 - - {{hitsCtrl.values.hits}}

The Government is seeking to obtain a $ 16.5 million loan from the Kuwait Fund for Arabic Economic Development to complete the Kalu Ganga Development Project.

The project is currently being implemented under the funding of the Saudi Fund for Development, the Kuwait Fund for Arabic Economic Development and the OPEC Fund for International Development.

The project is scheduled to be completed in 2018 at a cost of $ 140.35 million. Development partners have provided $ 89.85 million out of the total cost and the Government is in need of another $ 50.5 million for its completion.

Accordingly, the proposal made by Prime Minister Ranil Wickremesinghe, in his capacity as the Minister of National Policies and Economic Affairs, to enter into an agreement with the Kuwait Fund for Arabic Economic Development for obtaining another loan of $ 16.5 million for the above purpose has been approved by the Cabinet.

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