COLOMBO (News 1st) – The UniCredit Bank of Austria has agreed to provide a €61 million credit facility for the implementation of two water projects in Sri Lanka.

The government has finalised funding arrangements for the implementation a water supply project in Kirama Katuwana, and a project for augmentation of water pipelines along with the Orugodawatta Ambatale Road Development Project.

The objective of the augmentation of water pipelines along with the Orugodawatta Ambatale Road Development Project is to shift the existing, over 100-year-old water utility pipe network laid along with the Orugodawatta – Ambatale road section into the utility corridor of the road which is being constructed.

An Export Credit Facility (ECF) amounting to €50.6 million will be provided by the UniCredit Bank of Austria to the National Water Supply and Drainage Board of Sri Lanka to finance 85% of the project cost.

The People’s Bank has agreed to provide the balance 15% of the project cost, which is SLR 1,410 million.