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Sri+Lanka+gets+OPEC+loan+for+Kaluganga+Development+Project
Monday, 16 October 2017 - 9:59
Sri Lanka gets OPEC loan for Kaluganga Development Project
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The Kaluganga Development Project is currently being implemented by the Ministry of Mahaweli Development and Environment with the financial assistance of Saudi Fund for Development, Kuwait Fund for Arab Economic Development and OPEC Fund for International Development.

Kaluganga Reservoir has a capacity of 265 million cubic meters of water and will divert 100 MCM annually to Moragahakanda Reservoir.

Under this project, it is expected to develop 3,000 hectares in the Kaluganga Basin as agriculture lands.

Unforeseen geological conditions in the foundations and necessary design revisions have led to the price increase and it is noted that the funds available from the above donors are not sufficient to complete the balance work of the project.

OFID has agreed to provide an additional loan of USD 18 million to finance a part of the shortfall.

The Government of Sri Lanka has already entered into an agreement with KFAED to finance a part of the balance of the shortfall.

The balance part of the shortfall is to be obtained from SFD.

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