|Sri Lanka gets US$500m Chinese loan for low-cost housing|
|Tuesday, 09 June 2009|
Colombo (ANTARA News/Asia Pulse) - Sri Lanka's government is to accept a US$500 million 20-year loan from China to build 100,000 low cost houses for state sector employees, shanty dwellers and people affected by disasters, the Cabinet office said.
A Cabinet memorandum on the project said the loan was to be arranged by state-owned China Shenyang International Economic and Technical Corporation (CSYIC), which will commence construction work on November 2009 on 10,000 houses initially.
Under the scheme, low-cost housing units would be offered to tsunami and other disaster victims for shanty relocation purposes and as official quarters for state sector employees.
The Exim Bank of China would arrange finance for the housing project, of which the first installment would be US$100 million.
|Last Updated ( Tuesday, 09 June 2009 )|
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