08 January 2012

Sri Lana's Northern Railway Line Restoration to Receive $ 382mn from India

07th January 2012, www.news360.lk

Sri Lanka will receive a US$ 382.37 million loan from India’s Export and Import Bank to restore the Northern railway line, which was destroyed during the three decades of war.

Out of the loan, US$ 149.3 will be used to reconstruct the railway line from Pallai to Kankasanthurai, while another US$ 86.52 million will be used to set up signaling and telecommunication systems in the Northern railway line.

The rest of the money, which accounts for US$ 146.51 million, will be utilized for other contracts that may be mutually agreed upon by the two governments.

Cabinet of Ministers has given its green light to obtain the loan from India.

Related Info :

India to Build Sri Lanka's Remaining North Railway. $ 149.3mn Contract Given to Indian Railway Construction International Ltd (lRCON)

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