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Sri Lanka to borrow funds from Iran
19 December 2009: Sri Lanka Government has reportedly sought funds from Iran to finance the rural electrification projects in the country.
The Cabinet has approved a proposal of the Minister of Finance and Planning to obtain $83 million (approx Rs 385.95 crore) from the Iran Government for the implementation of the 8th phase of the Rural Electrification Project in Sri Lanka.
The Power and Energy Ministry of Sri Lanka has launched 2,225 electrification projects at a cost of $50 million (approx Rs 232.5 crore) to provide electricity to 15 percent of the population without power within the next three years.
According to the Ceylon Electricity Board an additional $16.5 million is needed to complete the remaining power projects in the country by 2012.
Source: Colombo Page