Sri Lanka signs ADB 25-year US$100mn budget support loan

Sri Lanka has secured a 100 million US dollar loan from the Asian Development Bank for power sector policy reforms, which includes an interest rate of 2.0 percent, a 25-year repayment period with a 5-year grace period, and supports the development of financially sustainable electricity utilities and renewable energy.

Sri Lanka has signed an agreement with the Asian Development Bank (ADB) for a 100 million US dollar budget support loan linked to power sector policy reforms, according to the Finance Ministry. The loan, which has an interest rate of 2.0 percent, will be repaid over 25 years, including a 5-year grace period. Treasury Secretary Mahinda Siriwardana and ADB Sri Lanka Country Director Takafumi Kadono signed the agreement. This loan is Subprogram 01 of a 300 million dollar policy-based loan program aimed at power sector reforms, supporting independent and financially sustainable electricity utilities, and promoting the streamlined and accelerated development of renewable energy.

Sri Lanka signs ADB 25-year US$100mn budget support loan | Economy Next

Economy Next

2024-08-07

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