Sri Lanka to sign loan agreement with Japan for light rail
Jan 03, 2019 11:51 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – Sri Lanka’s government is to sign an agreement with the Japanese aid agency, Japan International Cooperation Agency (JICA), for a 200 billion yen (347 billion rupees) soft loan to build a light rail transit (LRT) system.
A government statement said the Cabinet of ministers had approved a proposal by Finance Minister Mangala Samaraweera to enter into negotiations with JICA for the loan.
The loan is to fund the first 17 kilometer track of the LRT connecting Colombo’s city centre with suburbs.
It will cost 247 billion yen of which JICA will fund 200 million yen with the balance provided by Sri Lanka.