The Kuwaiti Fund for Arabian Economic Development (KFAED) has agreed to provide US$ 36 million to Sri Lanka on concessionary terms to construct and rehabilitated 25 bridges on the national road network.
Secretary to the Finance Ministry Dr. P.B. Jayasundara and Deputy Director General of the Kuwaiti Fund for Arabian Economic Development Hesham Al-Waqayan signed the loan agreement today at the Ministry.
The government in its drive to develop the country's infrastructure has identified the necessity of rehabilitation and improvement of national road network on a priority basis to improve the efficiency of transport services.
The funds will be used to construct and rehabilitate 25 bridges in seven provinces, with a length varying from about 7 - 120 meter and a width of about 10 meter consisting of two lanes, and pedestrian shoulders of about 1.3 meter on each side. Under the project 9 bridges in Western Province, 3 bridges in Southern Province, 5 bridges in North Western Province, 4 bridges in Sabaragamuwa Province, 3 bridges in Northern Province and a bridge in Eastern Province will be reconstructed.
The funds will also be utilized for site preparation, construction of foundation, substructure, and superstructure including pavement, drainage, road approaches, and safety measures, institutional support and consultancy services for preparation of tender documents, and the supervision of the construction of works.
The total cost of the project is estimated at about Rs. 5.519 Billion and the KFAED loan will cover about 77% of the total cost and the Sri Lankan government will provide the remaining funds.
The Kuwait Fund extends Loans on concessionary term to finance development projects in the developing countries and it has extended US$ 196 million since 1975 with concessional terms and conditions for the development of Sri Lanka.