Sri Lanka picks up US$ 80 mn to develop North and East

Sri Lanka picked up US$ 80 mn from the Asian Development Bank (ADB) as part of a second tranche to develop rehabilitation needs of nearly two million people affected in the North and East.

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Sri Lanka picked up US$ 80 mn from the Asian Development Bank (ADB) as part of a second tranche to develop rehabilitation needs of nearly two million people affected in the North and East. The first part of the loan US$ 50 mn was signed on Jan.

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14, 2004.

The project will focus on rehabilitating essential infrastructure, including 200 km of national highways and rehabilitate rural power supply to over 25 villages.

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ADB's loan package consists of US$ 50 mn from its concessional Asian Development Fund (ADF) and US$ 30 mn from its ordinary capital resources (OCR).

The OCR loan signed today has a 32-year term, including a grace period of eight years. Interest is determined in accordance with ADB’s LIBOR-based lending facility.

-LBO Newsdesk: LBOEmail@vanguardlanka.com