India approves USD 318 million loan for Sri Lanka Railways

unprotected-railway-crossingIndia has approved a USD 318 million loan for Sri Lanka Railways to upgrade its communications system and rolling stock in the Tamil-dominated north, the Press Trust of India reported.

Sri Lankan government spokesman and minister Gayantha Karunathilake said that the money will be used to improve the signal system from Maho to Anuradhapura in the north central province and from Anuradhapura to Omanthai in the north.

It will also be used to buy six power sets with air-conditioned carriages, 10 engines and 160 carriages, 30 wagons with oil tanks and 20 container carrying wagons.

The Cabinet had approved a proposal by Prime Minister Ranil Wickremesinghe to enter into an agreement with Exim Bank of India for the loan.

India has already given loans of about USD 996 million to develop Sri Lankas railway service which were used to improve northern and southern railway lines and buy engines and power sets.

1 COMMENT

  1. Indian Railway system is most outdated comparer with Japanese system of fasters railway in the world.

    I think Japanese railway is best in world and best in Asia.

    What is difficulty that we have to negotiation with Japanese authorities ,and request substantial funds form such a country!

    Looking for the Japanese ODA funds for new Railway operation having many possibilities .
    The old model of Indian railway is out dated Engines and compartments are not suitable for us.
    We want most advance railway network through the Island.
    Why should we wast huge amount money by taken closed US $ billion dollars from India.
    That is wast of Tax payers money by unnecessarily.
    Indian has not yet developed new innovation of Railway .
    People of Sri Lankan need more information about on world newly developed advance railway system .

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