Sri Lanka’s Finance Ministry to acquire 190 garbage compactors with a US$ 14 million interest free loan from Korea

Sri Lanka’s Finance Ministry to acquire 190 garbage compactors with a US$ 14 million interest free loan from Korea

The Finance Ministry of Sri Lanka has stated that the country will acquire 190 garbage compactors to improve the refuse collection system in the country with a US$ 14 million interest free loan from Korea.
The Ministry has stated that the monies from the loan will be used to buy 190 garbage compactors for 84 local authorities.
According to reports, many local authorities are transporting garbage in tractors with open trailers at present.
“As a prerequisite to promote sustainable solid waste management system, the capacity of waste collection and transportation of Local Authorities need to be improved,” the Finance Ministry has said.
Korea’s Economic Development Cooperation Fund (EDCF) of the Export-Import Bank (Exim Bank) of Korea will give a Korean loan to the equivalent of US$ 14 million US at zero interest and the loan will have a 20 year repayment with 10 year grace period.

OSL take:

The Sri Lankan government through the purchase of 190 garbage compactors with a US$ 14 million interest free loan from Korea indicates its commitment to solving the garbage collection and disposal issue currently prevalent in the country. Foreign businesses engaged in providing solutions for waste disposal could look at investment opportunities in Sri Lanka’s garbage disposal as well as waste-to-energy porgrammes.

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Article Code : VBS/AT/20180710/Z-4

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