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US $ 130 million ADB loan for power sector

Colombo, Thursday (AFP) Sri Lanka has clinched two loan packages from the Asian Development Bank amounting to US $ 130 million for power sector development, the Finance Ministry said yesterday.

The packages comprise a programme loan of US $ 60 million and a project loan amounting to US $ 70 million, a ministry statement said. The funds are expected to be utilised power sector reform and restructure. The establishment of an independent power regulator and tariff rationalisation, are envisaged reforms.

Development in rural areas is also being highlighted, with at least 120,000 rural households to benefit from new power supplies.

The soft loan, which is to be released in two tranches, matures in 32 years and includes an eight-year grace period at minimal interest.

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