The Japan Bank for International Cooperation (JBIC) is looking to extend its support to develop Sri Lanka’s expressways and internal highway projects at very low interest rates and 40 year payback period.
This pledge was given by Director, JBIC, Social Infrastructure and Finance Department, Hiroyaki Suzuki when he met Chairman ‘Grow Sri Lanka National Program’ Foreign Investment and Export Development National Program, Dr. Prabath Ukwatte in JBIC headquarters Japan.
Dr. Ukwatte said that President Maithripala Sirisena is the Patron of ‘Grow Sri Lanka National Program’. “I wrote to President that low interest loans could be obtained from JBIC and this request was forwarded to Ministry of Highways and Road Development. Additional Secretary Ministry of Highways, B. Ranaweera has now written to us stating that they (Ministry) is keen to discuss with JBIC.”
Dr. Ukwatte said that a team from JBIC is expected to visit Sri Lanka in February 2019 to discuss this matter with the Ministry of Ministry of Highways.
Dr. Ukwatte said that JBIC offers project loans for around 1% interest but are keen that the contracts are awarded to Japanese companies. Dr. Ukwatte said that the JBIC is also keen to raise Sri Lanka’s country classification and it is prepared to provide maximum support for Sri Lanka’s development programs.
The bank is wholly owned by the Japanese government, and its budget and operations are regulated by the JBIC law. It is headquartered in Tokyo and operates in 18 countries with 21 offices with an asset base of over US$ 250 billion.
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