Sept 13, Colombo: The cabinet of ministers have given approval for Minister of Finance Mangala Samaraweera to obtain a US$ 150 million financial assistance from the Asian Development Bank (ADB) to complete the second stage of the program to rehabilitate rural road network.
The Government of Sri Lanka has entered into a Framework Financing Agreement with the Asian Development Bank to obtain multi-tranche financial facilities up to an aggregate of US$ 900 million to finance the Second Integrated Road Investment Programme
The investment program is aimed at rehabilitating about 3,400 km of rural access roads and around 340 km of national roads in the Northern, Eastern, Uva and Western Provinces.
It will upgrade and maintain the rural access roads to an all-weather standard; rehabilitate and maintain national roads to a good condition and improve the capacity of road agencies with respect to safeguards, road safety, maintenance, research capacity, and road design and construction.
The Minister of Finance has proposed to enter into a loan Agreement with the ADB to obtain a US$ 150 million from the Regular Ordinary Capital Resources of the Asian Development Bank, for the second tranche of the program with a total investment cost of US$ 171.8 million.
The project is expected to be completed by the year 2023.