Feb 10, Colombo: Sri Lanka will develop infrastructure and local services in the northeastern port city of Trincomalee with US$ 85 million loan from the Asian Development Bank (ADB) under the Integrated Urban Development Project.
The project, while improving the infrastructure and local services in the Trincomalee Urban Development area, will also encourage private sector investment and operation through promotion programs.
Sri Lanka is planning to attract port related investments into Trincomalee.
The ADB has agreed to fund the Integrated Urban Development Project for Trincomalee and the total project cost is expected to be US$ 85 million, the government information department said.
The cabinet has approved the proposal submitted by the President, in his capacity as the Minister of Defence and Urban Development to conduct feasibility study on the project and submit a detailed report.