The Government of Japan extended the 42 nd Yen Loan Package amounting to Japanese Yen 42,477 million (approximately Rs. 66 billion) to Sri Lanka towards three key projects aimed at facilitating the social and economic development initiatives in the country. The loans under this scheme are offered on highly concessionary terms and conditions and are administered by Japan’s International Cooperation Agency. In January 2011 Japan provided 7 billion Yen (approximately Rs. 9.3 billion) for the "Emergency Natural Disasters Rehabilitation Project" to rehabilitate fold affected areas. This amounts to approximately 50 billion Japanese Yen provided as loans, the largest provided during a fiscal year to Sri Lanka so far.
The details of the projects financed under the loan scheme are Bandaranaike International Airport Development Project (Phase 2). 28,969 million Yen (approximately Rs, 45 billion) will be provided to improve and modernize the facilities of the Bandaranaike International Airport (BIA) and construct a second passenger terminal to cope with the increased air traffic and transform the airport as a main commercial and business hub in the region. In 1999 Japan provided 12,384 million Yen for improving the facilities of the airport including among others the construction of a modem departure passenger terminal currently in use.
Next Project is for Improvement of Basic Social Services targeting Emerging Regions. The 3,935 million Yen (approximately Rs. 6 billion) aid will be provided for improving health facilities in the country including (a) strengthening the drug production capacity of the State Pharmaceutical Manufacturing Corporation (SPMC) by construction/refurbishment of the building and installing modern machinery:for resolving the drug shortages in state hospitals, (b) upgrading facilities of secondary hospitals in Central, Sabaragamuwa, North Western and Eastern Provinces to function as core hospitals, (c) provision of around 125 ambulances to rural hospitals. In 1985, Japan provided a grant of 1.9 billion Yen to construct and equip the drug manufacturing facility for producing essential drugs at low cost.
The third is Habarana-Veyangoda Transmission Line Project.9,573 million Yen (approximately Rs. 15 billion) will be provided for the construction of the 220 KV Transmission Line from Habarana to Veyangoda to improve the stability and reliability of the transmission system, to cater to the growing demand of electricity in the country, and to increase efficiency in the power sector.
These three projects are in line with the needs identified by the Government of Sri Lanka. This year Japan and Sri Lanka commemorate the 601b anniversary of the establishment of diplomatic relations and these projects are symbolic in terms of Japan’s long-term cooperation in Sri Lanka’s overall development process and strengthening the bonds of goodwill between our two countries. Japan hopes that these projects would support the efforts of the people and the Government of Sri Lanka to achieve sustainable development.
The signing of the Exchange of Notes for the Yen Loan took place on March 28th at the Ministry of Finance and Planning between Nobuhito Hobo, Ambassador of Japan on behalf of the Government of Japan and Dr. P. B. Jayasundera, Secretary, Ministry of Finance and Planning on behalf of the Government of Sri Lanka.
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