The loan agreement for the policy-based lending for subprogram-1 of the Asian Development Bank’s US$ 200 million loan for the Financial Sector Stability and Reform Program of Sri Lanka has been signed.
A Finance Ministry statement said the agreement was signed by Finance Ministry Secretary Mahinda Siriwardana and Country Director of ADB Sri Lanka Residence Mission, Takafumi Kadono.
The Ministry said that as the relevant agencies have successfully achieved all pre-policy actions related to subprogram-1, the entire US$ 200 million loan proceeds relevant to subprogram -1 will soon be disbursed to the Treasury.
The loan will be provided from ADB’s Concessionary Ordinary Capital Resources with a 25-year term, including a 5-year grace period, and an interest rate of 2.0% per year.
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