An agreement has been reached with the ING Bank N.V. of Netherlands to obtain a loan of 45 million Euros to finance 75% of the project cost of “Strengthening the Provision of Health Services in the Northern Province” project.
The remaining 25% will be financed as a grant by the Invest International Public Programmes B.V. of the government of Netherlands.
As of now, the physical progress of the project is about 92%. Considering the current economic situation in Sri Lanka, the government of Netherlands has decided to reduce the loan amount by 10% and increase the grant to 35%. For that, an agreement should be reached with the Invest International Public Programmes B.V.of the government of Netherlands and ING Bank N.V. of Netherlands.
Accordingly the Cabinet of Ministers approved the proposal presented by the President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to enter into the agreement above.