Lanka to get 35 bn Yen for five major projects

Sri Lanka: Sri Lanka’s Ambassador to Japan Ranjith Uyangoda and the Governor of the Japan Bank for International Cooperation (JBIC) Koji Tanami singed five loan agreements pertaining to 39th Yen Loan Package amounting to 35 billion Japanese yen at a ceremony held at JBIC headquarters in Tokyo.

The yen loan package is offered on concessionary terms and administered by the JBIC. It will support the financing of five major projects namely;

(i) Project on Energy Diversification Enhancement - JPY 820 mn (Ongoing project)

(ii) Project on Southern Highway Construction - JPY 17,499 mn (Ongoing project)

(iii) Project on Water Sector Development - JPY 8,388 mn (Ongoing project)

(iv) Project on Greater Colombo Urban Transport Development (Outer Circular Highway) - JPY 5,718 mn (Ongoing project)

(v) Project on Poverty Alleviation & Micro Finance Project, in the Northern and Eastern provinces - JPY 2,575 (mn) - New project)

Japan being a largest bilateral donor for Sri Lanka has extended a significant quantum of Overseas Development Assistance (ODA) to Sri Lanka over the years. This year’s yen loan package is a clear indication of confidence reposed in the ‘Mahinda Chinthana’ 10 Year Development Strategy by the Japanese Government.

The signing of Exchange of Notes pertaining to the 39th Yen loan was done at the Finance and Planning Ministry in Colombo by Ambassador of Japan in Sri Lanka Kiyoshi Araki and Secretary, Ministry of Finance and Planning Dr. P. B. Jayasundara.