Sri Lanka gets USD73Mn from Saudi Fund for Development

Oct 24, 2017 (LBO) - Sri Lanka's Government has signed two agreements amounting to US 73 million dollars with the Saudi Fund for Development (SFD) to provide a concessional loan to upgrade the higher education and irrigation and water resources management sectors. Accordingly SFD will provide US 28 million dollars for the Wayamba University Township Development project, the Finance ministry said in a statement. 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 immediate surrounding area of the university. The SFD has also agreed to provide a concessional loan of US 45 million dollars to implement the Left Bank Development project in Kaluganga. Under this project construction of Kaluganga reservoir, increase the capacity of Janaranjana wewe and augmentation of minor/medium tanks with the development of irrigation canal system  will be done to provide water to Kinniya and Kanthale.