The Cabinet of Ministers has approved a proposal to secure a loan of US$ 30 million from the Asian Development Bank (ADB) to support the completion of the Moragolla Hydropower Project. The loan will be directly allocated to the Ceylon Electricity Board (CEB) in two instalments, ensuring the project’s timely execution.
Key Highlights:
- ADB Loan Agreement: The loan will be sourced from ADB’s general capital resources under a small-cost financial facility, aimed at aiding the construction and post-construction activities of the Moragolla project, as well as the development of complementary renewable energy projects.
- Response to Economic Challenges: Minister Vijitha Herath highlighted that the ADB’s support is crucial in light of Sri Lanka’s ongoing economic crisis, and this loan is expected to enhance the nation’s renewable energy sector.
- Renewable Energy Focus: The project, once completed, will contribute significantly to Sri Lanka’s renewable energy goals, aligning with broader efforts to strengthen energy security and sustainability.
The loan proposal was submitted by President Anura Kumara Dissanayake, who also holds the portfolio of Minister of Power and Energy. This financial support is expected to bolster the CEB’s capacity in renewable energy generation amidst current financial constraints.
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Last modified: October 23, 2024
