Mass Media and Finance Ministry enters into loan agreements with ADB

Mass Media and Finance Ministry enters into loan agreements with ADB

Mass Media and Finance Ministry enters into loan agreements with ADB

Written by Keshala Dias

22 Nov, 2017 | 8:51 pm

The Ministry of Finance and Mass Media has entered into two loan agreements with Asian Development Bank.

One agreement the ministry entered into is to borrow USD 150 million for the development of 3,400 km of rural roadways.

The other is for USD 200 million for the implementation of a 100 Mega Watt wind power generation project in Mannar.

A statement reads, the implementation of a wind power generation project will support the government’s objective of achieving 20% of total power generation through non-conventional power generation by 2020.

It says, wind park infrastructure will be developed, including wind parks internal medium voltage infrastructure, internal cabling and access roads.

The total investment cost of the project is USD 256.7 million of which USD 200 million will be provided by ADB as a direct loan to the CEB under a treasury guarantee.

The balance USD 56.7 million will be financed by the CEB.

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