Cabinet approves $ 10 m Govt. borrowing from HNB

The Cabinet has approved a credit agreement with Hatton National Bank PLC (HNB) to finance the construction of 210 steel bridges in Sri Lanka.

As per the proposal made by President Mahinda Rajapaksa in his capacity as the Minister of Finance and Planning, the Government will enter into a loan agreement with the HNB to borrow US dollars equivalent to sterling pounds 6,779,243 for the project. As per current exchange rate, the figure amounts to Rs. 1.2 billion or $ 10 million.