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* Korea loans US$ 40 million to Sri Lanka for road improvements in hill country
Sun, Mar 23, 2014, 12:30 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 23, Colombo: The Sri Lankan Government has received a US$ 40 million loan from Economic Development Cooperation Fund (EDCF) of Korea to fund the improvements of several roads in the hill country.

The funds will be utilized towards the cost of improvements on the 46.75 km Hatton - Nuwara Eliya section of the Avissawella - Hatton - Nuwara Eliya Road (A7).

Construction of an underpass at Nanu Oya Railway crossing and a tunnel at Kotagala will be added to the original project proposal and accordingly, the President in his capacity as the Minister of Highways, Ports and Shipping has proposed to revise the original contract sum and to extend the date of completion of works by another 9 months.

The Cabinet has approved the proposal as recommended by the Standing Cabinet Appointed Procurement Committee.

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