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.
A Sri Lankan man was apprehended at Suvarnabhumi airport for attempting to smuggle wildlife out of the country after three ball pythons were found hidden in his underwear, the Bangkok post reported.
The UK government has unveiled a package of reforms to simplify imports from developing countries which allows for more garments manufactured in Sri Lanka to enter the UK tariff-free.
Read these and more on tomorrow’s edition of the Sunday Times
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