Jan 12, Colombo: The government of Sri Lanka is seeking to obtain a US$ 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 Saudi Fund for Development, Kuwait Fund for Arabic Economic Development, OPEC Fund for International Development.
The project is scheduled to be completed in 2018 at a cost of US$ 140.35 million. Development partners have provided US$ 89.85 million out of the total cost and the government is in need of another US$ 50.5 million for 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 US$ 16.5 million for the above purpose has been approved by the Cabinet of Ministers.