Japan to loan Yen24.9bn to upgrade Sri Lanka power grid, cut system losses
ECONONYNEXT – Japan International Corporation Agency said it will loan 24.93 billion yen (26 billion rupees) to upgrade Sri Lanka’s state power grid and cut system losses in transmission and distribution.
JICA Sri Lanka chief Kiyoshi Amada and Treasury Secretary R H S Samarathunga had inked a 40 year loan deal with 0.3 percent interest.
"The increase in efficiency of the National Grid will be achieved through the introduction of low-loss power transmission and distribution lines and construction of new substations in the Western Province including Greater Colombo, Central Province and the North Central Province," JICA said.
State-run Ceylon Electricity Board will build a 132kV transmission line between Thulhiriya-Veyangoda and a 220kV line from Kotmale to Polpitiya.
The project will also expand capacity in existing transmission likes and a two underground distribution lines will be built in Dehiwala-Mount Lavinia and Battaramuall around the capital Colombo.