Govt. announces Rs. 25bn debenture issue to build affordable housing for middle-income earners

Cabinet approval was granted on 27.05.2020 to implement a housing project to provide affordable housing to middle-income earners in the public and private sectors.

Accordingly, the proposal made by Prime Minister Mahinda Rajapaksa in his capacity as the Minister of Urban Development and Housing, to issue Rs.25 billion debenture valid for a period of 05 years to obtain the initial capital required for the implementation of the project was approved by the Cabinet of Ministers.

ln addition, the cabinet approval was granted to settle the debenture using the proceeds from the sale of houses constructed under the scheme and to provide housing loans from State Banks at 25-30 years concessionary loan interest rates to the relevant purchasers.

-Ada Derana News

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