Sri Lanka to build low-cost houses with Chinese aid

Colombo: Sri Lanka will build 100,000 low cost houses for state sector employees, shanty dwellers and people affected by disasters with a 20-year loan worth $500 million from China.

The loan will be provided by China Shenyang International Economic and Technical Corporation (CSYIC)and will commence construction work on November 2009 for devlopoing 10,000 houses initially.

The Exim Bank of China will arrange finance for the housing project of which the first installment will be US$100 million.