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Sri Lanka receives US$ 150 million emergency loan from ADB
Thu, Apr 15, 2010, 09:12 pm SL Time, ColomboPage News Desk, Sri Lanka.
Apr 15, Colombo: The Asian Development Bank (ADB) today announced that it is providing US$150 million in emergency loan to the Government of Sri Lanka for projects which will support reconstruction of urgently-needed infrastructure, restore essential services and revive livelihood opportunities for people in war-affected regions.
Issuing a press release, the ADB said the loan is extended to support the resettlement and rehabilitation of internally displaced persons (IDPs) in the war-ravaged Northern Province, and also in the conflict-affected areas in the Eastern Province and North Central Province.
The lending agency had taken three fact-finding missions to the conflict-affected areas and had discussed with the government officials to decide the nature and extent of assistance the ADB could provide for the IDPs.
"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 in the war-affected area," said Richard Vokes, Country Director of ADB's Sri Lanka Resident Mission.
The emergency loan will have a 32-year term, including a grace period of 8 years and an annual interest rate based on ADB's London interbank offer rate-based lending facility. The government of Sri Lanka will provide $18.24 million for the project.
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