Sri Lanka gets US $ 73mn concessional funding from SFD

Saudi Fund for Development (SFD) has granted two concessional loans worth US $ 73 million to Sri Lanka for higher education and water resource management sectors, a Finance Ministry communiqué said.

SFD will provide US $ 28 million for the Wayamba University Township Development project, which is to be implemented by the Ministry of Higher Education and Highways. This project is designed to develop academic facilities and infrastructure of the university as well as re enforce the livelihood of the people who live in the immediate surrounding area of the university. The SFD has also agreed to provide a concessional loan of US $ 45 million to implement the Left Bank Development Project in Kaluganga.

The project plans to undertake activities such as construction of Kaluganga Reservoir, increase the capacity of Janaranjana Wewa, and augmentation of minor/medium tanks with the development of irrigation canal system in order to provide water to Kinniya and Kanthale Divisional Secretariat Divisions in Trincomalee district and Madirigiriya in Polonnaruwa district for irrigation.