Press briefing of Cabinet Decision taken on 2017-01-10

Additional Financing for Kaluganga Development Project

- The Kaluganga Development Project is presently implemented with the financial assistance of Saudi Fund for development (SFD), Kuwait Fund for Arab Economic Development (KFAED) and the OPEC Fund for International Development (OFID). The construction work of this project is scheduled to be completed by December 2018. The revised cost of contract of this project amounts to US$140.35 and close upon US$89.85 has been provided by the Development Partners. Accordingly, the funds amounting to US$50.5 have to be obtained additionally and therefore, the proposal made by Hon. Ranil Wickremasinghe, the Prime Minister, in his capacity as the Minister of National Policies and Economic Affairs, to enter into an Agreement with the Kuwait Fund for Arab Economic Development (KFAED) to obtain a sum of US$16.5 out of the above funds under the concessionary terms, was approved by the Cabinet.