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Sri Lanka and China will sign a Technical Cooperation Agreement today to the value of Rs. 584 million at the Finance Ministry. Finance Minister K.N. Choksy will sign on behalf of the Government while China's Vice Minister of Foreign Trade An Min will sign on behalf of his Government.

Of this amount, Rs. 29 million will be a Grant while the remainder of Rs. 584 million will be a concessionary loan, Minister Choksy told the Daily News yesterday.

The funding will be on a concessionary interest free basis for twenty years and the repayment of the loan will begin after the first ten years. This is also symbolic of the goodwill between the two countries.

There will also be the exchange of two letters between the two Governments which will be based on the grant assistance for the two projects. The first will be a Rs. 23 million grant for school equipment for schools in rural schools countrywide while the remainder of Rs. 6 million is for the new rice research station.

The Chinese Vice Minister will also lead a team of officials from the Department of Finance and Foreign Aid to discuss further possibility of financial assistance to Sri Lanka. (RL)

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