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SRI LANKA GETS US$500 MLN CHINESE LOAN FOR LOW COST HOUSING.

AsiaPulse News

| June 08, 2009 | COPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

COLOMBO, June 8 Asia Pulse - Sri Lanka's government is to take a US$500 million dollar 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 is 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.

Some of the houses would be sold to state sector employees on a concessionary basis, the government said.

The loan will carry an interest component ranging between one to three per ...

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Source: HighBeam Research, SRI LANKA GETS US$500 MLN CHINESE LOAN FOR LOW COST HOUSING.

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