ECONOMYEXT – Sri Lanka’s cabinet of ministers has cleared a proposal to borrow 200 million US dollars from the Asian Development Bank as part of a project to upgrade rural roads in Eastern, Northern, Uva and Western provinces.
It is the tranche of a 900 million US dollar project to upgrade 3,400 kilometres of rural roads and 340 kilometres of national roads connected to economic centres in the provinces.
The 900 million US dollar ‘Second Integrated Road Investment Program’ is expected to be completed by March 31, 2027.
The cabinet approved a resolution by Prime Minister and Finance Minister Mahinda Rajapaksa to enter into a loan agreement with ADB. (Colombo/May11/2021)