Turkey to provide USD350mn for development projects in Sri Lanka

Dec 17, 2015 (LBO) – Finance Ministry is to enter into an agreement with Turkey that will enable Sri Lanka to have 350 million US dollars from Turk Exim Bank to implement development projects in Sri Lanka.

The cabinet has approved a proposal to sign this MOU with the intention of strengthening the financial relationship with Turkey, which is an active member and the present Chairmen of G-20.

Meanwhile the cabinet nod has been given to examine the possibility of obtaining loan facilities for the construction of the road section from Kadawatha to Kossinna from EXIM bank of China.

Cabinet has also approved a proposal to improve access roads to the southern expressway and to purchase special vehicles for operations in expressway using the balance funds of the Southern Transport Development Project which is about two billion rupees.

The above project was funded by the EXIM bank of China.