Mar 20, Colombo: Sri Lanka has entered into a US$ 300 million loan agreement with China, the Ministry of Finance and Planning announced Thursday.
The Ministry of Finance and Planning and the China Development Bank signed the loan agreement during a meeting between the officials of the two sides in Beijing recently.
The loan will be utilized for the rehabilitation of Priority Roads in seven provinces.
Rehabilitation of 250 kilometers of these roads will improve the road conditions and reduce the travel time of the commuter and vehicle maintains cost in addition to ensuring connectivity of the national road network, the Finance Ministry said.
Sri Lanka's Ambassador to China, Ranjith Uyangoda, senior officials from the Ministry of Finance and Planning, the Department of Commerce and the Embassy of Sri Lanka in Beijing were associated in the discussions.