Japan is to loan over $3.5 billion to Sri Lanka, the country's finance minister, Ravi Karunanayake said on Thursday.
The loan is aimed at reducing Sri Lanka's debt and preventing a balance of payments crisis.
"We are getting more than $3,500 million from Japan for our development activities," Mr Karunanayake was quoted by Reuters as saying.
The news came as Japan announced a Rs 2.2 billion grant to the government to establish a teaching and research centre at Jaffna university.
"The people and the Government of Japan hope that this project will enhance research and human resources development in the area of agriculture suited for northern area, thereby, contributing to improve agriculture productivity in the region," the Japanese Embassy said.
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