Oct 11, 2016 (LBO) - The Japan International Cooperation Agency (JICA) will provide a loan of 46.6 billion rupees to Sri Lanka to maintain financial stability and continue the development agenda within the next five years.
Yen 10,000 million out of the total loan has been provided as development policy loans, Sri Lanka's Finance Ministry said in a statement.
"Under this tranche, the background will be set up to improve the management sector of the public sector and the competitiveness of the private sector to build financial stability to implement the development agenda."
Part of the loan will also be to implement the second phase of the Anuradhapura North Water Supply Project.
This project will be implemented to prevent the current fast spreading kidney disease in the North Central Province covering divisional secretariats of Padaviya, Kebithigollewa, Horowpothana and Kahatagasdigiliya.
The agreement with regard to the Development Policy Loan Project was signed, Monday at the Ministry of Finance.
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Japanese Ambassador to Sri Lanka Kenichi Suguma signed in the agreement on behalf of the Government of Japan while Deputy Secretary of the Treasury G.D.C. Ekanayake singed it for the Government of Sri Lanka.
Vice Chairman of JICA Hidetoshi Irigaki, Special Advisor to the Japanese Prime Minister Hiroto Izumi, National Policy and Economic Affairs State Minister Niroshan Perera and Director General of Foreign Resources Department Priyantha Rathnayake were present at the event.