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Kuwait and Sri Lanka sign KD five million loan agreement
31 Mar, 2017
Kuwait has signed a KD five million loan agreement with Sri Lanka to finance the development of the Kalu Ganga project.
The Supplementary Loan Agreement was signed in Kuwait between Sri Lanka and Kuwait Fund for Arab Economic Development (the Fund) whereby the Fund will make a Loan of Kuwaiti Dinars five million (K.D.) 5,500,000/- (equivalent to about U.S.$ 17 million) to assist in financing the additional costs of Kalu Ganga Development Project.
The Loan will be the second loan for financing the said Project, as the Fund is making at present a loan of K.D. 10 million (equivalent to about U.S.$ 34 million), by virtue of the Agreement No. 781 signed on 9/3/2009 for financing the same Project. It is worth mentioning that in extending its loans and developmental assistance, Kuwait Fund depends exclusively on its own resources.
The Supplementary Loan Agreement was signed on behalf of Sri Lanka by Dr. RHS Samaratunga, Secretary, Ministry of Finance whereas Hamad Al-Omar, Deputy Director-General of the Fund signed the Loan on behalf of the Fund.
Waleed Al-Bahar, Regional Manager for East South Asia and Pacific Countries and Fawaz Al-Adasani, Assistant Regional Manager for East South Asia and Pacific Countries at Kuwait Fund attended the signing Ceremon and Charitha Weerasinghe , First Secretary and Head of Chancery to the Embassy of the Democratic Socialist Republic of Sri Lanka to the State of Kuwait, attended the signing ceremony.
The purpose of the Project is to increase agricultural production in the Mahaweli Basin through providing the water needed to increase cultivated land, thereby increasing food production and improving the living standard of the population.
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