Korean loan for Sri Lankan infrastructure

by admin
Jan 7, 2013

The Korean Embassy in Colombo has announced it will provide a soft loan of $290m to Sri Lanka, to be used for renewable energy and infrastructure projects.

"Under the arrangement, the two Governments are expected to work closely to develop a range of projects including construction of administrative complexes, renewable energy plants and infrastructure development," the embassy said in a statement.

"The projects will be facilitated by the Korean Embassy and the Export and Import bank of Korea."

The loan will be provided at a low interest rate of 0.1%pa and is repayable over 40 years, according to the statement.

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