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Message: <blockquote data-quote="monson" data-source="post: 20141541" data-attributes="member: 30005">ADB to give Sri Lanka US$ 3 billion loan for infrastructure development - Finance MinisterMay 09, Colombo: The Asian Development Bank (ADB) has promised a loan of US$ 3 billion to Sri Lanka for infrastructure development, Finance Minister, Ravi Karunanayake has said.The loan agreement has been reached during the 49th Annual Meeting of the Asian Development Bank Governors held in Frankfurt, Germany from 2-5 May, according to a report in state-run Daily News. Sri Lanka's Finance Minister participated in the discussions with the lender at the meeting.In addition to the US$ 3 billion loan, the ADB will grant US$ 200 million separate aid for the development of Small and Medium Enterprises (SME) sector.The loan facility given under a concessionary interest rate will be given to Sri Lanka over the next three years Minister Karunanayake said.The funds will be allocated to some of the main development projects in the country and will be channeled to develop new railways, port development, electricity distribution network, and highways and transportation systems, according to the Minister.The ADB annually lends Sri Lanka about $ 400 to 500 million, however this loan is in excess to this annual amount.The lender has also agreed to lower the interest rates on current loans to Sri Lanka, the Finance Minister said."The ADB has decided to lower the 7 to 8 percent interest rates on loans and bring it down to 1½ to 2 percent, which is a significant achievement," he said adding that the ADB has pledged to give its fullest support to ensure that the development funds are channeled to Sri Lanka.He added that during the past eight years, there was an absence of such funds and to see it with renewed vigor means that this money can be spent on development.The Minister added that Sri Lanka has received the distinctive opportunity to participate in the first round of discussions, where the specialty of Sri Lanka in the Asian region and the changes that have taken place in the country were focused.- <a href="http://www.colombopage.com/archive_16A/May09_1462767384CH.php" target="_blank">http://www.colombopage.com/archive_16A/May09_1462767384CH.php</a></blockquote>

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