ADB aid for Moragolla hydro project###BODY###
Funding of the Moragolla hydropower project in Sri Lanka has been arranged. It will be in the form of a loan from the Asian Development Bank of around USD 70 million with the balance coming from core financing. The total cost of the project will be around USD 90 million. Construction of the 30 MW project is expected to begin in 2014. A feasibility study pertaining to the power plant construction has already been completed and detailed design of the plant is to be undertaken soon.
A second hydro project, the 49 MW Broadlands plant, is now in planning with financial assistance expected from the Industrial and Commercial Bank of China and the People's Bank.
The total investment of the entire power project is estimated at over USD 82 million with 85% of the cost covered by China Bank,and the rest is to be provided by People's Bank..