Sri Lanka state banks to part finance central expressway

ECONOMYNEXT – Sri Lanka’s state-run Bank of Ceylon and National Savings Bank will loan Rs23.2 billion to finance a section of Central Expressway, which connects the capital Colombo with the hill city of Kandy.

The cabinet of ministers had approved a proposal by Finance Minister Ravi Karunanayake for the Road Development Authority (RDA) to get loans from National Savings Bank and People’s Bank for phase II of the expressway, the information office said in a statement.

Sri Lanka’s Prime Minister Ranil Wickremesinghe is to formally flag off construction today (February 01). Phase II runs from Mirigama to Kurunegala.

In November 2016, the contract to build phase II was awarded in four sections (packages) to domestic contractors in controversial circumstances, where mysteriously there was only one bid for each package, critics say.

The total value of Phase II was Rs136.2 billion. (Colombo/Feb01/2017)

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