Sri Lanka to obtain USD75mn loan from IDA

money

July 05, 2017 (LBO) – Sri Lanka’s cabinet has approved a proposal to obtain a loan amounting of 75 million US dollars for a financial sector modernization project.

Following discussions on the matter, the initial interest rate has increased from 3.20 percent to 3.36 percent, a cabinet decision said, without giving details.

Accordingly, the cabinet approval has been granted to sign the loan agreement with IDA for obtaining SDR of 55.4 million which is equal to 75 million dollars.