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$15 million ADB loan for projects in Sri Lanka
PM News Bureau
The Asian Development Bank has approved a loan of $15 million to help the Sri Lankan government prepare a pipeline of projects to develop the country's road network. The technical assistance loan is expected to help the SL government efficiently manage the early stages of road projects to avoid delays in implementation.
More than two-dozen road projects are planned, including the Colombo-Katunayake Expressway, Alternate Colombo-Kandy Highway, and Katunayake-Padeniya-Anuradhapura Highway.
The total cost of the project is estimated at $20 million. ADB's loan accounts for 75 per cent of the project cost and comes from its concessional Asian Development Fund. It carries a 32-year term, including a grace period of eight years. Interest is 1 per cent per year during the grace period and 1.5 per cent per year subsequently. The Sri Lankan government will finance the remaining $5 million equivalent of the project. Sri Lanka's Ministry of Highways is the coordinating agency for the project, which is due for completion at the end of June 2008.
$15 million ADB loan for projects in Sri Lanka
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