By IANS,
Colombo : Australia and the Netherlands are helping Sri Lanka kick start its dairy industry by investing over $12 million, authorities said.
The Cooperatieve Centrale Raiffeisen-Boerenleenbank (Rabobank) of the Netherlands and the Export Finance Insurance Corporation (EFIC) of Australia have agreed to provide a loan worth $10.5 million for implementation of the project’s first phase, the finance ministry said in a statement Monday.
The total cost of phase one is $12.9 million, of which 81 percent will be covered from the Rabobank and EFIC financing. The balance 19 percent of the project cost amounting to $2.4 million will be provided by the Rabobank.
The finance ministry noted that arrangements have been made to increase the milk production of Sri Lanka by importing 4,500 dairy animals from Australia and develop farms belonging to National Livestock Development Board at three locations in the country.