The Saudi Fund for Development has completed the development of the Peradeniya-Badulla-Chenkaladi Road Project in Sri Lanka for which it had sanctioned a loan of $60 million.
Besides, SFD is financing the extension of the Wayamba University Township Development Project with a loan of $28 million.
Since its inception, SFD has issued 15 development loans to Sri Lanka totalling $425 million, helping finance and implement 13 projects in water, energy, health, roads, and education.
Benefiting three million people in the surrounding areas, the road project will strengthen the country’s transport infrastructure, reduce traffic-related fatalities and injuries, and improve road safety.
Participating in the opening ceremony were Johnston Fernando, Minister of Highways, Saudi Ambassador to Sri Lanka, Abdul Nasser bin Hussain Al-Harthi, SFD CEO Sultan bin Abdul Rahman Al-Marshad and an SFD delegation and number of Sri Lanka government officials.
During the ceremony, Fernando praised the efforts of the Saudi Arabia, through the SFD, for supporting and developing infrastructure projects in Sri Lanka. He said that the projects would benefit many people economically and socially.
The SFD CEO and the Prime Minister of Sri Lanka Mahinda Rajapaksa, also laid a foundation stone for the extension of Wayamba University Township Development Project.
More than 5,000 students will benefit from the project which will improve teaching and learning facilities, boost educational quality, and strengthen long-term economic and social capabilities.
"The SFD's contribution to the Peradeniya-Badulla-Chenkaladi Road development comes from its commitment to fund projects that have a significant impact on social and economic development," stated Al-Marshad. The road connects the eastern, middle, and southern provinces, promoting sustainable development goals, and increasing agricultural goods transportation."
“SFD seeks to contribute to the quality of education to support social activities, move upward economic paths, and achieve community well-being. The SFD also looks forward to opening the horizons of education through this project and enabling the university to support the community in the regions of Kolyabitia and Makandura. The Fund's contribution included the Wayamba University Township Development Project, as one of the most recent programmes in the development of higher education systems in Sri Lanka,” added Al-Marshad.
During the visit to Sri Lanka, the SFD’s delegation conducted a field tour of the epilepsy hospital, which was inaugurated in 2017 as one of the Fund's projects in the health sector in Sri Lanka, with a loan of $32 million.
These initiatives reflect the SFD’s commitment to investing in transport and education as means of building economic progress and prosperity. For more than 47 years, the Fund has contributed to 226 development projects in the transportation sector on a global level, as well as 77 projects in education, providing socio-economic support to developing nations. -- TradeArabia News Service