Sri Lanka to obtain $30 mln loan from ADB for Moragolla hydropower project
October 22, 2024 02:03 pm
The Cabinet of Ministers has approved the proposal to obtain a loan of US$ 30 million from the general capital resources of the Asian Development Bank (ADB), directly to the Ceylon Electricity Board (CEB) in two instalments, for the completion of the Moragolla hydropower project.
Cabinet Spokesman Minister Vijitha Herath stated that considering the current economic crisis in Sri Lanka, the ADB has agreed to grant US$ 30 million from its general capital resources under small cost financial facilities for the completion of construction and post-construction activities of the Moragolla hydroelectric project and for the implementation of complementary projects targeted at the development of renewable energy.
Accordingly, the Cabinet of Ministers has agreed to the proposal presented by the President, in his capacity as the Minister of Power and Energy, to obtain the said loan amount directly for the Ceylon Electricity Board in two instalments, he said.
