Sri Lanka to obtain Chinese loan for expressway extension

Sri Lanka is to obtain a loan from China for the southern expressway extension work, the Government said today.

The Government said that construction work on all four phases of the extension of the southern expressway from Matara to Hambantota commenced in late 2015 and is in progress.

The Government said that a proposal made by Finance Minister Ravi Karunanayake to enter into a framework agreement with the Government of China to obtain a loan of Renminbi Yuan 577 million for the project and to enter into a loan agreement with the EXIM Bank of China to obtain the loan, was approved by the Cabinet of Ministers. (Colombo Gazette)