The US on Wednesday announced $120 million in new loans to Sri Lanka to grow and support small and medium-sized businesses in the debt-ridden island nation.
According to the US embassy here, the US International Development Finance Corporation (DFC) board of directors has approved the loan in new investments that will reach small and medium-sized businesses and help to provide equity, jobs, and futures.
“For seventy years, the US has provided foreign assistance, loans, and trade opportunities to help grow the Sri Lankan economy and support the people,” US ambassador to Sri Lanka Julie Chung said in a press release.
“Today’s announcement is good news for the private sector, as the DFC’s $120 million in new investments will reach small and medium-sized businesses and help to provide equity, jobs, and futures,” she said.
Welcoming the DFC loan, Prime Minister Ranil Wickremesinghe acknowledged that Micro Small and Medium Enterprises (MSME) have been hit hardest by the economic crisis.
Pilots praised
Srilankan Airlines on Wednesday praised its pilots for safely commandeering a flight from London to Colombo on Monday after reports emerged that an aircraft of the national carrier averted a possible mid-air collision with a British Airways flight over Turkey which risked the lives of over 500 passengers.
The national carrier said that the “vigilance of the pilots and the state-of-the-art communication and surveillance system onboard the aircraft enabled safe passage for UL 504” on June 13.
“Further, SriLankan Airlines commends the timely action of the pilots operating UL 504, which ensured the safety of all passengers, crew and equipment onboard UL 504,” the airline said in a statement.
The clarification was issued after media reports claimed that UL 504, flying from London to Colombo, avoided its biggest possible mid-air collision while in Turkish airspace.
The reports said the Airbus A333 aircraft carrying 275 passengers had entered the Turkish Airspace after leaving Heathrow en route to Colombo.
The Srilankan flight had been told to climb to 35,000 feet from the 33,000 feet they were flying at.
