OPEC ADDITIONAL LOAN FOR DEVELOPMENT
The Kalu Ganga Development Project is being implemented by the Ministry of Mahaweli Development and Environment with the financial assistance of the Saudi Fund for Development (SFD), Kuwait Fund for Arab Economic Development (KFAED) and OPEC Fund for International Development (OFID).
Under this project, new irrigable lands of nearly 3,000 hectares are expected to be developed in the Kalu Ganga Basin.
But unforeseen geological conditions in the foundations and necessary design revisions have led to a price increase, and it is noted that the available funds would not be sufficient to complete the project.
Therefore, OFID has agreed to provide an additional loan of US$ 18 million to finance part of the shortfall. The Government of Sri Lanka has entered into an agreement with KFAED and SFD to finance the balance of the shortfall.