Yen Deposits

Sri Lanka on Tuesday signed up for Rs. 26.1 bn in long-term funds from the Japanese government to develop key sectors in the economy.
The loan carries a 2.2 percent interest rate payable over a 30-year period, inclusive of a ten-year grace period, Finance Minister K N Choksy told journalists.rn

rnJapanese Ambassador Seiichiro Otsuka says the six projects to be benefited include improving provincial roads, provincial irrigation systems, power sector, estate housing, community enhancement and for the first time financing rural small-scale development activities.rn

rnAround Rs. 2.4 bn would go towards implementing the Kerawalapitiya combine cycle plant. A further Rs. 7.4 bn has been allocated towards the power sector restructuring programme. Nearly 22 percent of Sri Lanka
quote s power requirements have been funded through Japanese aid.rn

rnAround Rs. 4.2 bn has been set aside for community enhancement projects in Anuradhapura, Kurunegala, Puttalam, Matale and the North East.rn

rnAround Rs. 1.3 bn