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Sri Lanka's Jan-Sept foreign inflows jump 45 pct y/y to $890 mln
October 23, 2013 / 7:29 AM / 4 years ago

Sri Lanka's Jan-Sept foreign inflows jump 45 pct y/y to $890 mln

COLOMBO, Oct 23 (Reuters) - Sri Lanka attracted $890 million in foreign direct investment (FDI) in the first nine months of 2013, Investment Promotion Minister Lakshman Yapa Abeywardena said on Wednesday, a jump of 44.8 percent year on year.

The inflows, which also includes foreign loans by companies registered with the island nation’s investment body, were $614.7 million in the first nine months of 2012.

They grew to $1.34 billion by the end of 2012, with infrastructure-related projects accounting for 45 percent of the inflows, data from the central bank showed.

“For the first nine months, we have got $890 million. This year we can achieve the $2 billion target,” Abeywardena told Reuters. The $59-billion economy missed that target last year.

He said the Board of Investment (BOI), the island nation’s investment body, has signed 15 projects for $8 billion in FDI which could create around 30,000 jobs in the country.

Abeywardena expects a total of at least $600 million FDI before the end of this year, for Australian gambling tycoon James Packer’s Crown Ltd planned $400-million hotel resort that will include a casino, and a $850 million luxury resort by John Keells Holdings Plc., (Reporting by Shihar Aneez; Editing by Prateek Chatterjee)

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