Sri Lanka signs billion dollar loan from China for expressway
Mar 22, 2019 12:25 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT- Sri Lanka signed a 989 million dollar project loan with China for the construction of the Central Expressway on Friday, the Finance Ministry said.
The EXIM Bank of China has agreed to provide the concessional loan, covering 85 percent of the project cost of section one of the Central Expressway from Kadawatha to Meerigama, an official statement said.
Section two of the expressway has already commenced construction with financing from local commercial banks.
The expressway connects the capital Colombo with Kurunegala and Kandy.
The expressway connects to the Outer Circular Highway in Colombo, the expressway to the main airport in Katunayake and the Southern Expressway to Hambantota.
This is the largest loan Sri Lanka has received from the EXIM Bank of China. (Colombo/Mar22/2019-SB)