Sri Lanka seeks Chinese loan for South expressway consultancy

Outer Circular Expressway Phase II JICA Sri Lanka Road

Dec 21, 2016 (LBO) – Sri Lanka is seeking a loan of Renminbi Yuan 577 million from China to finance the consultancy services for design review and construction supervision of civil works for the extension of the southern expressway project.

The Cabinet nod has been given to a proposal made by Finance Minister Ravi Karunanayake to enter into a framework agreement with the Government of China to obtain the loan.

The government seeks to enter into a loan agreement with EXIM Bank of China for obtaining the loan.

Constructions of all 4 phases of extension of Southern Expressway from Matara to Hambantota have commenced in late 2015 and are in progress.