Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka signs agreement for US$ 989 million loan from EXIM Bank of China for Central Expressway project
Fri, Mar 22, 2019, 12:19 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 22, Colombo: Sri Lanka today inked an agreement with the EXIM Bank of China for a concessional loan of US$ 989 million for the construction of the Section one of Central Expressway Project from Kadawatha to Meerigama.

The loan agreement was signed on 22nd March 2019 by Dr. R H S Samaratunga, Secretary, Ministry of Finance on behalf of the Government of Sri Lanka and Cheng Xueyuan, Ambassador of the People's Republic of China, Embassy of China in Sri Lanka on behalf of the Export - Import (EXIM) Bank of China at the Ministry of Finance, Colombo 01.

The Government of Sri Lanka has accorded high importance to the development of infrastructure including expressway network with inter-connectivity as it will directly contribute to the economic growth and will have indirect effects in raising the productivity and efficiency in different economic sectors.

To complement the existing expressway network, Central Expressway Project (CEP) has been initiated with a purpose of linking Colombo with Kandy and Kurunegala.

Section 1 of the CEP will start from Kadawatha where four expressways, namely Outer Circular Highway (OCH) II, OCH III and Colombo-Katunayake Expressway and the Central Expressway link through the Kadawatha interchange. This will create an uninterrupted connectivity from Hambanthota to Katunayake or Hambanthota to Kandy linking several provinces and economically important ports, airports and commercial cities. This proposed highway will improve the inter-regional connectivity and efficiency of the entire expressway network.

Accordingly, strengthening the financial cooperation between the Government of Sri Lanka and the People's Republic of China in the field of the infrastructure development of Sri Lanka, the Export- Import Bank of China (EXIM Bank) has agreed to provide a concessional loan amounting to US$ 989 million covering 85% of the contract price, for the Central Expressway Project - Section 1 from Kadawatha to Meerigama. The total estimated cost of the project is US$ 1.164 billion. Furthermore, this loan is the single largest loan approved by the EXIM Bank for Sri Lanka.

Since, the implementation of the Section 2 of the Central Expressway has already been commenced with the financial assistance of local commercial banks, this loan facility from China EXIM Bank will facilitate the speedy implementation of Kadawatha - Meerigama section ensuring the connectivity of the expressway network up to Kurunegala, the Ministry of Finance said.

 

ColomboPage - Recent 10 Stories ::
Southern Expressway extension from Matara to Hambanthota to open for public in August
-- [2 hours ago]
Chairman of Sanasa Bank at Wigoda, Gampaha arrested for misappropriating over Rs. 750 million of funds
-- [3 hours ago]
Foundation laid for 2,126th model village named after cricket legend Kumara Sangakkara
-- [4 hours ago]
Sports Minister clarifies that he has no involvement in team selections
-- [5 hours ago]
Area for leopard sightseeing at Kumana National Park closed off for tourists after worker killed
-- [5 hours ago]
Comprehensive probe into giving wrong bodies to families at Kalutara Hospital
-- [6 hours ago]
PNB recovers over 3 kg of heroin in a garage near Southern expressway entrance
Solar Industries Association seeks immediate approval for small solar power projects to end power crisis
US Navy ships USNS Millinocket and USS Spruance arrive in Sri Lanka's Hambantota Port for CARAT exercise
Two female deminers injured in landmine explosion in northern Sri Lanka

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.