Sri Lanka to obtain USD200mn loan from Pakistan

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Jun 01, 2017 (LBO) – Sri Lanka’s cabinet has approved obtaining of a loan worth 200 million dollars from Pakistan for the financing of priority development projects.

The loan will be utilized for housing construction, development of livestock, importing equipment required for agriculture and dairy production, and development of the Industrial Technology Institute.

Former Finance Minister Ravi Karunanayake, presenting this proposal to the cabinet, has said that the government of Pakistan has agreed to provide the loan facility.

The cabinet has approved the proposal to enter into a loan agreement with Pakistan in this regard.

Detailed technical discussions are expected to be held next month in Sri Lanka to finalize the projects.