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Japan gives Rs. 19,400 m for three projects |
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Geophysical Disasters -
Tsunami 2004 Recovery News in Sri Lanka
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Thursday, 30 March 2006 |
Japan has pledged Japanese Yen 21,559 million Rs. 19,400 million to Sri Lanka under the Official Development Assistance (ODA) loan scheme in support of the country's development efforts, writes Daily News, Colombo, 300306 at http://www.dailynews.lk/
Forwarded by Budhi Mulyawan 300306.
The ODA loan scheme is extended on an annual basis and this is the 37th of such loan packages. The loans are offered on concessionary terms and conditions and administered by the Japan Bank for International Cooperation (JBIC).
The loan package consists of three projects namely Galle Port Development Project - First Phase, Pro-Poor Eastern Infrastructure Development Project, and Tourism Resources Improvement Project.
These three projects are in line with the needs identified by the Sri Lanka Government aimed at accelerating economic growth and providing essential infrastructure facilities.
Japanese Yen 14,495 million (Rs. 13.750 million) is allocated for Phase 1 of the Galle Port Development Project. The loan is repayable in 30 years inclusive of a grace period of ten years and carries an interest rate of 0.3 per cent per annum.
The project is to develop the Galle Port as a regional port by constructing a new multipurpose terminal to meet the future demand and reallocate break bulk cargo handling from the Colombo Port.
It will also help reduce waiting time of the vessels, berth occupancy ratio and cater to large vessels. Furthermore, the project will greatly facilitate the Southern region development plan being implemented by the Government.
The construction of a breakwater,
construction of a Multipurpose Terminal (1 berth), dredging of the approach Channel and Turning Basin, and procurement and Installation of Auxiliary Equipment and Navigation Aid required for Modern port facilities are expected to be carried out under the project. Japan has provided around Japanese Yen 78 billion (Rs. 70 billion) towards the Colombo Port development since 1980 under Yen Loan scheme. The project will enhance the capacity of a regional port.
The second loan of Japanese Yen 4,460 million will be used for the rehabilitation of part of the main highway in the Eastern Province affected by the tsunami. The loan is repayable in 40 years inclusive of a grace period of ten years and carries an interest rate of 0.75% per annum. This project includes reconstruction of 98 km stretch of roads between Akkaraipattu and Inkkandimadu on A 4 and A 15 roads construction of a new Kallady Bridge in Batticaloa.
The third loan of Japanese Yen 2,604 million is allocated for improvement of tourism resources. The loan is repayable in 20 years inclusive of a grace period of six years and carries an interest rate of 0.9 per cent per annum. The project is to develop human resources and other related infrastructure facilities in tourism sector in Colombo, Kandy, Negombo, Sigiriya, Anuradhapura and Nuwara Eliya to promote foreign tourists.
The project also envisages to conduct marketing and promotional activities especially in Japan to promote Sri Lanka as an attractive tourist destination. This project will be executed by the Tourism Ministry.
The signing of Exchange of Notes pertaining to the Yen Loan Package took place at the Finance and Planning Ministry. Japanese Ambassador Akio Suda signed the Exchange of Notes on behalf of Japan while Finance Ministry Secretary Dr. P. B. Jayasundera signed on behalf of the government.
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