Rs. 16 b European boost for Sri Lanka

Tuesday, 3 December 2013 01:14 - - {{hitsCtrl.values.hits}}

Govt., European Investment Bank sign deal for 90 m euro to boost economy Funds will be channelled through Commercial Bank, DFCC and Regional Development Bank The European Investment Bank has signed a 90 million euro (around Rs. 16 billion) loan agreement with the Government of Sri Lanka. The loan aims at supporting both private and public industries and the services sector in projects across the country that contribute to climate change mitigation and support development of the local private sector through finance to small and medium enterprises. The project aims to improve small and medium enterprises access to long term financing and will help in re-establishing the economy emerging from conflict. The project also contributes to the European Union’s global objective of climate change mitigation and adaptation, and supports the Government of Sri Lanka to achieve its renewable energy generation target by 2015. The facility is expected to contribute towards increased investment that will also lead to positive effects particularly in the fields of job creation, poverty alleviation and human welfare. The funds will be channelled through the Commercial Bank of Ceylon (CBC), DFCC Bank and the Regional Development Bank. Speaking on the occasion Ambassador David Daly said: “Increased investment aimed at targeting the public and private sector companies in a wide range of sectors, including the service industry, has potential to create new jobs and fuel economic growth thereby directly befitting the people of Sri Lanka. This initiative by the European Investment Bank demonstrates Europe’s motivation towards supporting sustainable economic growth and is a part of EU’s wider engagement to supporting the country.” The total EU assistance during the period 2005-2015 amounts to approximately 670 million euros which includes a total of 250 million euros provided by the European Investment Bank.

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