Sri Lanka gets Euro 53mn credit from Spain to construct flyovers

Steel-Flyover

July 16, 2015 (LBO) – Sri Lanka’s government to construct four lane steel flyover in Rajagiriya- Colombo, and two lane flyovers in Ganemulla and Polgahawela to ease the traffic congestion in the Colombo city and suburbs with 53 million Euro credit from Spain, cabinet spokesman Rajitha Senaratne said.

The credit from government of Spain which is 37.59 million Euros covers 70 percent of the project that will be given for 0.15 percent interest rate per year with a 40-year payback.

The balance 30 percent will be given by BBVA Bank of Span which is 16.12 million Euros for an interest rate of 1.95 percent with a 10-year payback and 3-years of grace.

The proposal made by Prime Minister Ranil Wickramasinghe to enter into agreements with the government of Spain and BBVA Bank was approved by the cabinet of ministers.