Dec 17, Colombo: Sri Lanka Cabinet today allowed the government to seek funds from Iran to finance the rural electrification projects in the country.
The Cabinet approved a proposal submitted by President Mahinda Rajapaksa as the Minister of Finance and Planning to obtain USD 83 million from the government of Iran for the implementation of the 8th phase of the Rural Electrification Project in Sri Lanka.
The Power and Energy Ministry has launched 2,225 electrification projects at a cost of USD 50 million to provide electricity to 15 percent of the population without power within the next three years.
According to the Ceylon Electricity Board an additional USD 16.5 million is needed to complete the remaining power projects in the country by 2012.
The Cabinet granted approval in June this year to obtain USD 89 million from the Export Development Bank of Iran.
Under the Rural Electrification Project phase- 4, 225 new projects have been launched while 1,000 such power projects will come under phase -8.
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