Rs. 1 b to Kandy Municipal Council from Local Loans Development Fund

Monday, 11 June 2018 00:05 - - {{hitsCtrl.values.hits}}

A loan of Rs. 1 billion will be granted to the Kandy Municipal Council to construct the proposed shopping complex and nine-storey car park at Katukele to reduce traffic congestion in Kandy City.

The signing of agreements took place today at the Ministry of Provincial Councils, Local Government and Sports in the presence of Minister Faiszer Musthapha and State Minister Shriany Wijeywickrema.

The agreement was signed by Local Loans Development Fund Chairman Kamal Pathmasiri, who is the Secretary of the Ministry of Provincial Councils, Local Government and Sports, and the Mayor of Kandy Kesara D. Senanayake. This complex and car park which is being constructed at Kutukele will cater to around 150,000 local residents and around 600,000 foreign tourists daily.

This loan is the largest loan given so far by the Local Loans Development Fund, which is 100 years old, and payback will be after a grace period of five years. Construction is scheduled to be completed in two years.