Jan 17, Colombo: Sri Lanka will receive a Rs. 23.9 billion loan from the Government of Japan for a project to construct a power transmission and distribution network in the Greater Colombo area.
The Greater Colombo Transmission and Distribution Loss Reduction Project is aimed to strengthen the power transmission and distribution capacity as the electricity demand in the Greater Colombo area has increased rapidly due to the development and investment promotion activities initiated by the government.
The project aims to minimize transmission and distribution losses, and strengthen capacity to enhance the energy supply reliability.
The Cabinet has granted approval to a proposal put forward by the President in his capacity as the Minister of Finance and Planning to enter into a loan agreement with the government of Japan to obtain a Japanese Yen 15.9 billion (approximately Rs.23.9 billion) through Japan International Corporation Agency (JICA) for the project.