Sri Lanka to obtain $200 million loan from ADB for power sector development

The Sri Lankan cabinet approved a proposal to sign two agreements with the Asian Development Bank (ADB) for strengthening its power system and integration of renewable energy projects, according to a statement from the government's information department on Tuesday.

President Anura Kumara Dissanayake submitted the proposal in his capacity as the Minister of Finance, Planning and Economic Development, Xinhua news agency reported citing details from the department.

The ADB has agreed to offer $200 million as two separate loans -- $150 million and $50 million -- to Ceylon Electricity Board and Lanka Electricity (Pvt) Ltd., respectively, under two agreements on treasury guarantee, according to the department.