SRI JAYAWARDENEPURA KOTTE, Sri Lanka--(BUSINESS WIRE)--The Saudi Fund for Development represented by the CEO Mr. Sultan Abdulrahman Al-Marshad, inaugurated the completion of the development of Peradeniya-Badulla-Chenkaladi Road Project in the Democratic Socialist Republic of Sri Lanka, with a loan worth US$ 60 million.
Benefiting three million people in the surrounding areas, the 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 delegation and a number of Sri Lanka government officials.
During the ceremony, Johnston Fernando praised the efforts of the Kingdom of Saudi Arabia, through the SFD, for supporting and developing infrastructure projects in the Republic of 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 an extension of Wayamba University Township Development Project, financed by the SFD with a total of US$28 million. More than 5,000 students will benefit from the project which will improve teaching and learning facilities, boost educational quality, and strengthen long-term economic and social capabilities.
“The SFD's contribution to the Peradeniya-Badulla-Chenkaladi Road development comes from its commitment to fund projects that have a significant impact on social and economic development,” stated Sultan Abdulrahman Al-Marshad, CEO of SFD. “The road connects the eastern, middle, and southern provinces, promoting sustainable development goals, and increasing agricultural goods transportation.”
“SFD seeks to contribute to the quality of education to support social activities, move upward economic paths, and achieve community well-being. The SFD also looks forward to opening the horizons of education through this project and enabling the Wayamba university to support the community in the regions of Kolyabitia and Makandura,” added Al-Marshad.
Since its inception, SFD has issued 15 development loans to Sri Lanka totaling US$ 425 million, helping finance and implement 13 projects in water, energy, health, roads, and education.
For more than 47 years, SFD has contributed to 226 development projects in the transportation sector on a global level and 77 projects in education, providing socio-economic support to developing nations.