Saudi Fund for Development officially launches and lays the foundations for two important projects in Sri Lanka

With a loan of US$ 60 million, the Saudi Fund for Development, represented by CEO Mr. Sultan Abdulrahman Al-Marshad, officially launched the Peradeniya-Badulla-Chenkaladi Road Project in the Democratic Socialist Republic of Sri Lanka. 

The project will boost the country’s transportation infrastructure, reduce traffic-related fatalities and injuries, and improve road safety for three million people in the surrounding areas. 

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 attended the opening ceremony. 

During the occasion, Johnston Fernando lauded the Kingdom of Saudi Arabia’s efforts to support and build infrastructure projects in the Republic of Sri Lanka through the SFD. The projects would benefit a large number of people both economically and socially. 

The SFD CEO and Sri Lankan Prime Minister Mahinda Rajapaksa also lay the foundation stone for a US$28 million extension of the Wayamba University Township Development Project, which was funded by the SFD. The initiative, which will improve teaching and learning facilities, improve educational quality, and strengthen long-term economic and social skills, will benefit almost 5,000 students. 

SFD has provided Sri Lanka with 15 development loans totaling US$ 425 million since its start, assisting in the financing and implementation of 13 projects in the areas of water, electricity, health, roads, and education. 

SFD has contributed to 226 worldwide development projects in the transportation sector and 77 projects in education, giving socio-economic help to developing countries, for over 47 years. 

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