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| Thursday, 18 November 2004 |
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The Government of Japan has provided a grant of Japanese Yen 800 Million (approximately Rs. 780 million) under its Non Project Grant Aid Programme (NPGA). This is the second grant offered under this programme to Sri Lanka by the Government of Japan. The purpose of the grant is to contribute promotion of economic development efforts as well as mitigation of the balance of payment difficulties. The proceeds of this grant will be used to import goods as agreed upon between the two governments. One half of the value of the products imported under this grant will be deposited to a special account and this money will be utilised to finance projects which will promote socio economic development. The proceeds of the previous grant of Japanese Yen 1,500 million (Rs. 1, 350 million) offered in March this year have been allocated to import petroleum products and fertiliser. Nearly 108,000 barrels of diesel and 77,000 barrels of aviation fuel procured under this grant are expected to be delivered to the Ceylon Petroleum Corporation (CPC) in November this year. The funds allocated for fertiliser will be utilised by State-owned fertiliser companies to import about 10,000 metric tons of Triple Superphosphate in the early part of next year. The Exchange of Letters for the Grant took place at the Ministry of Finance and Planning yesterday. Akio Suda, Ambassador of Japan in Sri Lanka, signed the Exchange of Letters on behalf of the Government of Japan and Dr. P B Jayasundera, Secretary, Ministry of Finance and Planning on behalf of the Government of Sri Lanka. M. Fukuyama, Second Secretary, Commercial & Economic Cooperation, Embassy of Japan in Sri Lanka also participated. |
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