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Sri Lanka to borrow more from China for expressway

ECONOMYNEXT – The Sri Lankan government is to borrow more money from the Exim Bank of China to fund consultancy work on the extension of its southern expressway also funded by China.

The consultancy services, for design review and construction supervision of civil works of the extension of the southern expressway, were approved by the Cabinet of Ministers this week.

A government statement said constructions of all 04 phases of the extension of the Southern Expressway from Matara to Hambantota commenced in late 2015.

The Cabinet approved a proposal made by Ravi Karunanayake, Minister of Finance, to enter into a framework agreement with the Government of China to obtain a loan of 577 million renminbi and to enter into a loan agreement with EXIM Bank of China for the loan.

(COLOMBO, Dec 21, 2016)


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