Cabinet nod for $ 200 m ADB loan instalment for road development

Wednesday, 12 May 2021 00:29 - - {{hitsCtrl.values.hits}}

Funds to be used to renovate 3,400 km of rural access roads in Eastern, Northern, Uva and Western Provinces

The Government yesterday approved the obtaining of the third $ 200 million instalment of a $ 900 million loan from the Asian Development Bank (ADB) for road development projects in several provinces, a top official said yesterday. Cabinet approved a paper presented by Prime Minister Mahinda Rajapaksa in his capacity as the Minister of Finance to obtain an amount of $ 200 million, which is the third instalment of a larger ADB $ 900 million loan to develop roads across four provinces, Cabinet Co-Spokesman Minister Udaya Gammanpila said.

The Government and ADB Bank have entered into an agreement for $ 900 million for the implementation of the second consolidated highways and investment program.

“It has been planned to renovate and maintain 3,400 km of rural access roads in the Eastern, Northern, Uva and Western Provinces and to renovate 340 km of national roads connecting farmers with socioeconomic centres in those provinces under the program,” he added.

The entire program is scheduled to be completed by 31 March 2027.