Stepping Stones

Sri Lanka has picked up a US$ 94.5 million soft loan from Japan to restore livelihoods in areas affected by last year’s tsunami, officials said Wednesday. Sri Lanka has picked up a US$ 94.5 million soft loan from Japan to restore livelihoods in areas affected by last year’s tsunami, officials said Wednesday. The loan agreement which was inked by Treasury Secretary P B Jayasundara and Japanese Ambassador Akio Suda, comes in addition to the US$ 80 million grant Japan gave towards emergency tsunami relief work in Sri Lanka, the Finance Ministry said in a statement.

Priced at 0.75 percent, the loan comes with a ten year grace period repayable over 40 years.

The Japan Bank for International Cooperation or JBIC will administer the project.

The December 26 tsunami, which hit the south and northeast coastal belts, killed around 31,000 people and left a million homeless.

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