ECONOMYNEXT – State-run People’s Bank has agreed to provide 26.1 million dollars of counterpart funds for a 174 million dollar reservoir in Thalpitigala built across Sri Lanka’s Uma Oya, the government said.
The Export Import Bank of China will provide 85 percent of the funds.
The cabinet of minister has approved a proposal by Prime Minister Ranil Wickremesinghe to provide the balance 26.1 million dollars through a loan from People’s Bank.
China Synohydro Co.Ltd has been awarded the contract to build it.
The project involves the construction of 46 meter high dam across Uma Oya, which will allow the release of 20 million cubic meters of water to 688 hectares of paddy land.
A 15 MegaWatt hydro power station would also be build which is estimated to generate about 52 GigaWatts of energy a year. (Colombo/Mar31/2018)