Kuwait Fund for Arab Economic Development said it had signed a loan agreement of KD 10 millions (about USD 34 millions) with Sri Lanka to fund the reconstruction of 25 bridges.
The fund said in a statement on Thursday that Sri Lankan Deputy Minister of Finance and Planning signed the agreement on behalf of his country with Deputy Chairman of the fund Hisham Al-Woqayan.
The project aims to meet the demands of the current and future traffic needs in the country, to safely transfer people and goods, while also supporting Sri Lanka’s economic and social development, and reducing traffic accidents, said the statement.
The fund had provided Sri Lanka with thirteen loans up till now, with the latest agreement included. The loans which totaled KD 52.66 million aimed to fund projects in different fields.
The fund had also given two technical aid batches to Sri Lanka with a total of KD 537,000 (about USD 1.8 millions) to fund feasibility studies for agriculture and energy projects.