China EXIM Bank, HNB to fund $ 424 m Southern Expressway stretch of Beliatta-Wetiya

Friday, 8 January 2016 00:00 - - {{hitsCtrl.values.hits}}

By Charumini de Silva

Cabinet has given the green light to obtain $ 423.87 million from EXIM Bank of China and Hatton National Bank (HNB) to complete the Beliatta to Wetiya section of the Southern Expressway Extension Project.

Cabinet Spokesman Dr. Rajitha Senaratne addressing the weekly briefing said the Government had agreed to obtain 85% of relevant funds amounting to $ 360.29 million from EXIM Bank of China and the balance $ 63.58 from HNB for this purpose.

The second section of the project consists of four sections from Matara to Hambantota with a full length of 96km, while the second section from Beliatta to Wetiya is 26km.

Senaratne said Prime Minister Ranil Wickremesinghe was keen to engage more local institutions in the infrastructure development drive hence financing aspects too embracing the local private sector.

Cabinet approval follows a proposal made by Finance Minister Ravi Karunanayake.