The Japan International Cooperation Agency (JICA) will provide Sri Lanka a US$ 1850 million loan to construct a Light Rail Transit (LRT) system which is expected to be constructed this year.
Issuing a press release, the Finance Ministry said the LRT system will be implemented as a mechanism to curb traffic in Colombo and the areas surrounding it.
Financial and technical assistance will be provided by JICA to construct a 17 kilometre railway track from Colombo Fort to Malabe across 16 railways stations.
The proposal put forward by Finance Minister Mangala Samraweera in order to obtain the loan has been approved by the cabinet. The loan will be obtained in six phases from 2018 - 2014 with a sum of US$ 260 million expected to be obtained during the first phase. Accordingly, Minister Samaraweera is expected to sign an agreement with JICA in this regard.
The loan will be provided with a grace period of 12 years and a timeframe of 40 years for repayment.
The LRT project will be conducted by the Ministry of Megapolis and Western Development.
Former Chairman of SriLankan Airlines, Nishantha Wickramasinghe, arrested on allegation of corruption by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has been remanded until July 1 by the Colombo Magistrate court.
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