Jan 19, Colombo: Sri Lanka's cabinet of ministers has granted approval for the government to obtain nearly Rs. 30 billion in loans from Japan for two projects to improve the country's road network.
The government will obtain Japanese Yen 12.381 billion (approximately Rs.18.572 billion) through Japan International Corporation Agency (JICA) to construct 37 major bridges connecting to the National Road Network.
The project aims to construct the major bridges whose overall length is more than 30 meters, in order to improve the national road network.
The government of Japan has also agreed to provide a Japanese Yen 7.619 billion (approximately Rs. 11.423 billion) through JICA to identify landslide prone areas on national roads.
The Landslide Disaster Protection Project of the National Road Network aims to mitigate landslide disasters targeting for A-class national roads in the identified risk areas in the Central, Sabaragamuwa and Uva Provinces.
The President, in his capacity as the Minister of Finance and Planning has submitted the proposals to obtain the loan facilities for both projects.