Sri Lanka picks up US$ 80 mn to develop North and East

Sri Lanka picked up US$ 80 mn from the Asian Development Bank (ADB) as part of a second tranche to develop rehabilitation needs of nearly two million people affected in the North and East. Sri Lanka picked up US$ 80 mn from the Asian Development Bank (ADB) as part of a second tranche to develop rehabilitation needs of nearly two million people affected in the North and East. The first part of the loan US$ 50 mn was signed on Jan. 14, 2004.

The project will focus on rehabilitating essential infrastructure, including 200 km of national highways and rehabilitate rural power supply to over 25 villages.

ADB’s loan package consists of US$ 50 mn from its concessional Asian Development Fund (ADF) and US$ 30 mn from its ordinary capital resources (OCR).

The OCR loan signed today has a 32-year term, including a grace period of eight years. Interest is determined in accordance with ADB’s LIBOR-based lending facility.

-LBO Newsdesk: LBOEmail@vanguardlanka.com