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| Tuesday, 11 January 2005 |
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Australian $ 21.5m for sustainable water management project Citicorp International Limited, Citibank International Plc, Export Finance and Insurance Corporation (EFIC), Australia and Citibank, Colombo have agreed to provide Australian Dollars 21.5 million for the implementation of the Sustainable Water Assistance Management Project. The project will be financed with two loans. The first loan of Australian Dollars 18.3 million will be provided by Citicorp International Limited, Citibank International Plc and Export Finance and Insurance Corporation (EFIC), Australia under the Australian Export Finance Facility. The second loan of Australian Dollars 2.8 million will be provided by Citibank, Colombo under the Commercial Finance Facility. The objective of this project is to provide 5,000 solar powered drip irrigation units to the selected 5,000 rural farmer families in the dry zone. The solar-powered drip irrigation units will be distributed to the farmers on a loan basis through Govijana Banks/District Offices of the Agrarian Development Departments and it will be recovered from the farmers with no interest. It will help the farmers to achieve high productivity and yield with low cost method of lift irrigation. Solar powered drip irrigation is the most sustainable and appropriate solution for our rural dry zone farmers in Sri Lanka. |
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