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.
History often has a way of repeating itself, sometimes by shaping similar personalities that seem destined to converge
The Gaza war started on October 7, 2023, following the Hamas attack on a southern Israeli border town. Some 1200 people died, while Hamas took 250 Israelis as hostages.
On his second death anniversary, we pay our deepest respect and heartfelt tribute to General Lionel Balagalle, an illustrious son of Sri Lanka, a noble soldier, and an exemplary leader whose vision, dedication, and humility have left an indelible mark on the Sri Lanka Army and our nation.
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