Sri Lanka gets $150mn ADB emergency loan

Chandi Dharmaratne

Apr 15, 2010 (LBO) – The Asian Development Bank (ADB) said it is providing 150 million US dollars in an emergency loan to Sri Lanka for projects to help people in the war-ravaged north and east. The loan will have a 32-year repayment term, including a grace period of eight years and an annual interest rate based on ADB’s London interbank offer rate-based lending facility, the bank said in a statement.

The government of Sri Lanka will provide 18.24 million dollars for the project which will support reconstruction of urgently-needed infrastructure, restore essential services and revive livelihood opportunities for people in war-affected regions.

“ADB’s assistance will expand and strengthen the reconstruction of urgently needed essential economic and social infrastructure and administrative services, and create livelihood and sustainable employment opportunities,” said Richard Vokes, Country Director of ADB’s Sri Lanka Resident Mission.

The projects, expected to be completed by 2013, will complement ADB’s ongoing development work in areas affected by the 30-year ethnic war which ended last May.

The ADB is contributing to efforts to rehabilitate refugee communities in the north an