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US$90mn Exim Bank loan for Sri Lanka expressway extension consultancy

ECONOMYNEXT – Sri Lanka is to borrow almost $90 million from Exim Bank of China to fund a consultancy contract to supervise the construction of civil works on the extension of the Southern Expressway.

Cabinet approval for the soft loan proposed by Finance Minister Ravi Karunanayake was given this week, government spokesman Media Minister Gayantha Karunatilleke said.

The expressway extension work is being done in four sections by Chinese railway builder China Railway First Survey & Design Institute Group Co. Ltd. under a commercial contract signed with the Road Development Authority.

The interest rate of the proposed loan will be fixed at 2 percent a year with a 20-year repayment period including a grace period of 5 years.
(Colombo/June 09 2016)

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