Biggest ever Chinese loan for highway development
Sri Lanka signed an agreement today (Friday) with the EXIM Bank of China for a loan of US$ 989 million to fund part of the country’s highway system the Finance Ministry said in a press release.
This is the biggest ever loan granted to Sri Lanka for any project
These funds will specifically target the finishing of the Kadawatha-Meerigama section of the Colombo-Kurunegala-Kandy highway.
This will also connect the Katunayake Highway to the Southern Expressway.
The Ministry has described the loan as “concessional.” The loan covers 85 percent of the estimated cost of the project which is US$ 1,164 million.
The agreement was signed in Colombo by Dr. R H S Samarathunga, Secretary, Ministry of Finance on behalf of the Government of Sri Lanka and Chinese Ambassador Cheng Xueyuan, on behalf of the Export – Import (EXIM) Bank of China at the Ministry of Finance.