Govt. to secure financial aid from Hungary for development projects

The Government of Hungary has agreed to provide funds for the development of some of the projects implemented by the Government of Sri Lanka, a statement on Cabinet decisions said.

Under this program, concessionary loan facilities in a sum of Euro 149 million will be provided through the Export and Import (EXIM) Bank of Hungary for several development projects.

Out of the funds, €53 million will be allocated for Bingiriya - Udubaddawa Water Supply Project and €52 million for construction of flyovers at Kohuwala, Kirulapona and Yangalmodara.

€32 million will be spent for an Electronic Court Management System and €12 million for a Railway Level Crossing Protection Project.

The proposal made by Prime Minister Ranil Wickremesinghe in his capacity as Minister of National Policies and Economic Affairs, to enter into an Aid Credit Framework Program Agreement with the Government of Hungary in respect of the loan facility, was approved by the Cabinet.