China Eximbank to loan US$475 million for Maduru Oya Right Bank Development in Sri Lanka

Based on a 2017 Performance Report by Sri Lanka's Department of External Resources, the China Exim Bank is expected to finalize a concessional loan of US$475 million for the Maduru Oya Right Bank Development Project in 2018 It was included in a Memorandum of Understanding signed between China and Sri Lanka on April 7th, 2016 The Maduru Oya project will aim to develop drinking water and irrigation for the districts of Pollonnaruwa, and it was approved by the Cabinet in September 2016 to be implemented during the period of 2017-2020 With this project, 39,000 hectares will be newly developed. The sluice will be raised by two cubic meters. The additional water will also increase by a capacity of 229 cubic meters, and it will directly benefit 12.000 farming families. The total estimated cost is 6.969 trillion Sri Lanka rupees On October 26, 2016, China CAMC Engineering Co., Ltd. (CAMCE) signed the contract of Maduru Oya Right Bank Development Project with the Sri Lanka Ministry of Mahaweli Development and Environment in Colombo, the capital of Sri Lanka. Chairman of CAMCE, Luo Yan, and Mr. Udaya R. Senevirathne, Secretary of Ministry of Mahaweli Development and Environment, signed the contract. The construction period will be 48 months. According to a media report published on May 17, 2017, President Maithripala Sirisena said that the development work of the Maduru Oya Right Bank Project will be implemented in 2017 However, there is no new news on whether the implementation was completed. According to the 2018 Performance Report of Sri Lanka's Ministry of Finance, Department of External Resources, the loan for the Maduru Oya Right Bank Development Project is identified to be included in the pipeline for financing from EXIM Bank of China However, no financial agreement was found. Also, the project is not mentioned in any annual reports of China Eximbank from the year 2016 to 2020. The current status of this project is Pipeline: Pledge.

Additional details

The Chinese title of this project is "斯里兰卡玛度鲁河右岸发展项目". This project is also referred to as "Maduru Oya Southern Bank" in some sources.

Number of official sources

8

Number of total sources

13