Saudi Govt., OPEC and ADB loan $ 225 m for road projects

Friday, 8 March 2013 00:53 - - {{hitsCtrl.values.hits}}

By Uditha Jayasinghe

The Saudi Government, Asian Development Bank (ADB) and OPEC fund have agreed to loan the Sri Lankan Government over US$ 225 million (around Rs. 29 billion) for the construction of roadways.

Cabinet approval was given for the projects that were presented by President Mahinda Rajapaksa, Cabinet Spokesman and Media Minister Keheliya Rambukwella said.

The Saudi Government would supply US$ 40 million to build 144 km of road while the ADB will loan US$ 85 million and the remaining US$ 60 million will be given from the Saudi Fund for Development.

Money from the Saudi fund will be used to improve the road from Katugasthota to Palapathwela. ADB, meanwhile, will fund the Matara to Godagama Road.

Organization of Petroleum Exporting Countries (OPEC) will loan US$ 40 million for another road project in the Central Province. OPEC will spruce up the Polgahawela to Kegalle Road.

A second loan also from the Saudi fund under the Saudi Government will be used to construct the road from Dehiovita to Deraniyagala and from there to Thambalagamuwa to Surangal Junction.

The recommendations were made by a Standing Cabinet Appointed Procurement Committee.

“This is to continue the Government’s development projects that were started after the end of the war in 2009,” Rambukwella said.