Sri Lanka commercial banks to finance road

May 24, 2012 (LBO) - Sri Lanka will build a 24.
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14 kilometre road in the island's south for 1.
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98 billion rupees with credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said.
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Both loans will be covered by Treasury guarantees.
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The road from Matara to Hakmana will connect to a planned expressway running to Hambantota, he said. The road will be built by domestic contractors.

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Commercial Bank will loan 1.4 billion rupees with 2.5 year grace for 14 years with monthly repayment at an nterest rate 9.0 percent.

DFCC will loan 598 million rupees 2 year grace for 14-years at 9 percent rate with half yearly repayment.

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