Agreement signed for Hulhumalé phase two reclamation project
19 Jul 2014, 4:26 PM
A framework agreement was signed between the Housing Development Corporation (HDC) and Belgian company Dredging International N.V. on Thursday (July 17) for the US$50 million Hulhumalé phase two reclamation and coastal protection project.
Managing Director Suhail Ahmed signed the agreement on behalf of HDC while Amedeo Peyron, resident manager for the Indian subcontinent, signed on behalf of Dredging International N.V.
Speaking at a ceremony held in Nasandhura Palace Hotel, Suhail explained that a US$30 million loan facility from the Bank of Ceylon and US$20 million from the HDC’s reserves would be used to finance the project.
“Bank of Ceylon has given assurances of providing the loan for this project. So we will be able to begin the project in the next month or so,” Suhail said.
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