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Two loan facilities for Road and Railway sector development of the country.

 

Two agreements have been signed for the implementation of Widening & Improvement of Roads and Bridges in Uva and Central provinces and Purchase and Delivery of 09 Nos Diesel Multiple Units for Upcountry Line Operations in Sri Lanka Railways with the EXIM bank of China (Hunan Branch) and The Hongkong and Shanghai Banking Corporation Limited respectively.

Accordingly, the EXIM Bank of China, Hunan Branch agreed to finance the USD 84,988,952.94 (85 percent of the total contract amount) to widening and improvement of 64.31 of roads and reconstruction of 13 bridges in Central and Uva Provinces which is its first commitment to Sri Lanka. The people of these two districts mainly depend on the plantation and agricultural activities as their livelihood. This project will enhance the productivity of the plantation and agricultural sector through increasing mobility between market places and farms while decreasing vehicle operation cost and travelling time.

The Hongkong and Shanghai Banking Corporation Limited has agreed to provide a loan of USD 79,787,806.80 for the implementation of Procurement, Purchase and Delivery of 09 Nos Diesel Multiple Units for Upcountry Line Operations in Sri Lanka Railways Project which is one of the important projects aiming at improving the transport facilities of the general public of the country. Considering the requirement of expanding the fleet by adding new locomotives to improve the performance of train service, approval of the Cabinet of Ministers was granted at its meeting held on 16th December 2016 to procure 12 Nos of Locomotives and 09 Nos of Diesel Multiple Units for the upcountry service of Sri Lanka Railways. Accordingly, it is expected to procure, purchase and delivery of 09 Nos Diesel Multiple Units for Upcountry Line Operations in Sri Lanka Railways from the proposed loan from the Hongkong and Shanghai Banking Corporation Limited.

 

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