Rs. 25 billion debentures approved for public, private housing project | Daily News


 

Rs. 25 billion debentures approved for public, private housing project

The Cabinet approved the proposal by Prime Minister Mahinda Rajapaksa in his capacity as the Urban Development and Housing Minister to issue Rs. 25 billion debentures valid for five years to obtain the initial capital to set up a housing project for middleclass earners in the public and private sector, Co-cabinet Spokesman Plantation Minister Dr. Ramesh Pathirana said.

He was addressing the weekly Cabinet media briefing yesterday at the Government Information Department. Minister Pathirana said that the Cabinet approval was granted in May to set up the housing project.

The Cabinet approval was also granted to settle the debenture using the proceeds from the sale of houses under the project and to provide housing loans from State Banks at 25-30 years concessionary loan interest rates to the purchasers.


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