Korean loan to purchase garbage collectors

The Government of Republic of Korea has agreed to provide two concessional loans for USD 14 million (approximately Rs.2,240 million) to supply 190 garbage collecting compactors to Local Authorities of Sri Lanka in line with the Government’s target of strengthening local authorities with equipment and technology to introduce modern solid waste management practices. Increasing volume of solid waste generated in the urban and suburban areas has become a nation-wide problem and the rapid growth of population in urban areas, recent changes of consumption pattern and growing industrial and economic activities have directly associated with this chronic problem of the country. The Economic Development Cooperation Fund (EDCF) of the Export-Import Bank (Exim Bank) of Korea has agreed to provide two loans in Korean Won not exceeding the equivalent of US$ 14,000,000 to supply 190 garbage collecting compactors to improve the garbage collecting capacity of 84 local authorities in Sri Lanka. The Loan Agreement was signed by Secretary, Ministry of Finance and Planning, Dr. R. H. S. Samarathunga and Chief Representative of the Export-Import Bank of Korea, Jung Sung-soo. The projects will be implemented by the Ministry of Provincial Councils, Local Government and Sports. - External Resources Dept media release