Sri Lanka to build flyovers with Euro 53mn credit from Spain

ECONOMYNEXT – Sri Lanka will construct a four-lane flyover in the capital Colombo and two others on a key highway leading to the north central area with a 53 million Euro credit from Spain, Minister Rajitha Senaratne said.

A four-lane flyover will be built over an intersection in the Colombo suburb of Rajagiriya to ease traffic congestion.

Two-lane flyovers will be built over Ganemulla and Polgahawela railway crossings.

The government of Spain will give 37.56 million Euros covering 70 percent of the project for 0.15 percent a year with a 40-year payback. A commitment fee of 0.10 percent and a management fee of 0.05 percent has to be paid.

The balance 16.12 million Euros will come from BBVA Bank of Span at 6-month Euro Interbank Offered Rate plus 1.95 percent with a 10-year payback and 3-years of grace.  There is also an upfront management fee of 0.5 percent.