Announcement of Fifteen Million US Dollars Credit for Industrial and Agricultural Imports in Sri Lanka on September 19, 1974

• L~TERNATIONAL DEVELOPMENT ASSOCIATION 1818 H STREET. N.W .. WASHINGTON D. C. 2.0433 TELEPHONE: EXECUTIVE 3-6360 IDA Press Release No. 74/60 Subject: $15 million credit for industrial September 19, 1974 and agricultural imports in Sri Lanka A credit of $15 million from the International Development Association (IDA), an affiliate of the World Bank, will assist Sri Lanka in importing raw materials, components and spare parts necessary for the efficient utilization of existing facilities in industry, agriculture and selected services. Eleven groups of high priority manufacturing enterprises will benefit: agricultural engineering, agricultural products processing, pulp and paper products, base metals and m,atal working, cables and wires, auto ancillaries, • leather products, mining, textiles, packaging and containers, agricultural and industrial chemicals. The credit will also finance imports of spare parts for agric.ultur.al and irrigation equipment, commercial transport, heavy -aarth moving and power generation equipment. The Bank Group's efforts are directed toward alleviating Sri Lanka's foreign exchange constraint by supporting uaeasures to increase agricultural output, both for import substitution and export expansion, and to help stit;ulate industrial production and investment. This IDA credit, financing essential industrial and agricultural production and services inputs, is an important part of the strategyo The IDA credit to the Government of Sri Lanka is for a term of 50 years, including 10 years of grace. It will be interest-free, but will carry a service • charge of 3/4 of 1% to cover IDA's administrative expenses • Note: Money figures are expressed in US dollar equivalents. - 0 -