Leading News from Sri Lanka::
Sri Lanka to get international financial assistance for development
Fri, Mar 26, 2010, 09:08 pm SL Time, ColomboPage News Desk, Sri Lanka.
Mar 26, Colombo: Sri Lanka's Cabinet has given approval to obtain assistance from two international financial institutions for future development projects.
At the Cabinet meeting held Wednesday (24), it has approved the government to receive an interest-free loan of US$ 18 million from the World Bank for the development of the Tourist Industry. The loan is repayable in 40 years and has a grace period of 10 years.
Another loan from Korea Import/Export Bank for US$ 40 Million for Hatton- Nuwara Eliya Road Development project was also approved by the Cabinet. This loan has an interest rate of 0.1 percent per year. It is repayable in 40 years has a grace period of 10 years.
Following the successful end to the war, the Sri Lankan government has embarked on an aggressive development plan for the country.