Feb 20, 2014 (LBO) – Japan will fund a 35 billion yen (343mn US dollar) bridge connecting Sri Lanka’s capital Colombo with an expressway network, information minister Keheliya Rambukwelle said. Sri Lanka is also planning an elevated road network to cater to rising traffic.
Japan is also expected to fund a the first phase of a mass rapid transit (MRT) network, which could provide a high quality transport system capable of drawing people who would otherwise have used cars.
The bridge over the Kelani River, north of the capital is designed to cater to traffic volumes from 2020 to 2035, he said.
Japan International Co-operation Agency (JICA) will provide a 40-year loan with a 10-year grace period as a ‘special terms for economic partnerships’ loan.
The loan will have an interest rate of 0.1 percent a year and a 0.2 percent front-end fee.
The bridge will connect to an expressway to the main airport. An expressway network leading to the South and North of the island as well as the airport is linked through a circular highway.