May 04, 2017 (LBO) – Sri Lanka will enter into a loan agreement with the French Agency for Development (AFD) to fund projects for green energy development and energy efficiency improvement investment.
“AFD has agreed to provide 30 million Euros to bear a portion of the total cost of US 260 million dollars which is implemented under 3 sub-projects,” a statement on approved cabinet decisions said.
“The funds will be obtained from AFD for tranche 2.”
The Cabinet also approved an agreement for establishment of a new office of the AFD in Sri Lanka and to award them the diplomatic status.
AFD serves about 60 countries in four continents through grants and concessionary loans.
An office of the AFD was established attached to French Embassy in 2005 and several projects have already been implemented by that office in priority fields.
The proposals were made by Prime Minister Ranil Wickremesinghe in his capacity as the Minister of National Policies and Economic Affairs.