Waste budget

Tuesday, 3 May 2011 00:00 - - {{hitsCtrl.values.hits}}

Sri Lanka is getting a US$ 33.5 billion loan from the Korean government to fund waste disposal units countrywide. The government is contributing US$8 billion to meet the US$41.8 billion project.

The loan, which according to Media Minister Keheliya Rambukwella is still in the preliminary stages, will be formulated as a Memorandum of Understanding between the two governments. The Minister told the weekly cabinet media briefing that as the discussions are yet to be finalised details of interest rates and repayment timelines are yet to be notified. The Sri Lankan government will be chipping in with US$ 8 billion to meet the complete budget of the project which is US$ 4.8 billion.

Rambukwella remarked that this decision was reached on a proposal by the President as Minister of Finance. Cabinet gave approval to enter into a loan agreement with the Korean Economic Development Fund of the Export - Import Bank to obtain a loan equivalent to US$ 33,536 million to construct four solid waste disposal facility centres.

“The Export - Import Bank of Korea has agreed to provide this loan in Korean Won equivalent to US $33,536,000 to finance this project,” he said adding that the objective of this project is to construct sanitary landfill facilities in four locations, at Panadura, East Nuwaragampalatha, Udunuwara and Hikkaduwa to minimise environment pollution and to improve the living environment of the residents in these areas.

The total estimated cost is US$ 41,886,000 and the balance will be funded by the Sri Lankan government.