Friday Nov 15, 2024
Friday Nov 15, 2024
Tuesday, 15 December 2015 00:59 - - {{hitsCtrl.values.hits}}
The Asian Development Bank (ADB) and the Government yesterday signed two loan agreements for the implementation of the Integrated Road Investment Program which was designed to ensure rural road connectivity between the selected rural hubs and the adjacent socio-economic centres of Sri Lanka.
The total investment cost of this program is $ 906 million of which $ 800 million is planned to be obtained from ADB in six tranches under the Multi-Tranche Financing Facility to supplement the Government investment of $ 106 million. Improvement of rural access roads including local authority roads, provincial roads and national roads in the Southern Province, Sabaragamuwa Province and Kalutara District of the Western Province, Central Province, North Central Province and North Western Province will be carried out 
under the investment program.
The Government has already obtained loan assistance of $ 207 million from ADB under the first and second tranches. The first tranche finances the first slice of the project in the Southern Province in order to improve and/or maintain about 560 km of rural access roads to all weather standards and 130 km of national roads, enhance capacity of road agencies, including MOHPS, RDA and road agencies in the Southern Province and project preparation of remaining tranches.
Under the tranche two, the first slices of projects in Sabaragamuwa Province and Kalutara District of Western Province, Central Province, North Central Province and North Western Province are being funded to improve and maintain about 2548 km of rural access roads and provincial roads and 118 km of national roads.
The total investment cost of the tranche three is $ 223.88 million. The Government will contribute $ 23.88 million and the balance $ 200 million will be obtained from ADB by two loans. The proposed tranche three will finance the second slice of all the contracts being funded under tranches one and two.
This project will be implemented by the Road Development Authority (RDA) under the supervision of the Ministry of Higher Education and Highways. The overall project is scheduled to be completed by 30 March, 2024.
In this connection, Secretary to the Ministry of Finance Dr. R.H.S. Samarathunga, on behalf of the Government of Sri Lanka, and ADB Country Director of Sri Lanka Resident Mission Sri Widowati, on behalf of ADB, signed the two loan agreements to obtain $ 200 million as the third tranche of the Integrated Road Investment Program on 11 December at the Ministry of Finance.
