Jan 04, 2019 (LBO) – Sri Lanka’s Finance Ministry says that cabinet approval has been received to go ahead with US 1850 million dollar loan agreement with the Japan International Cooperation Agency (JICA) to commence initial work on the islands much anticipated LRT project.
The ministry said that the loan, will be disbursed in six stages and the first tranche 260 million dollars due soon.
“The 40 year loan will have a grace period of 12 years and will have a 0.1 percent interest rate.”
The light rail project is due to get underway this year and will come under the supervision of the Ministry Megapolis and Western Province Development Ministry.
The project covers a distance of 17 km with and there will be 16 stations along the route which covers the Borella, Rajagiriya, Battaramulla and Thalahena areas.
Once the project is completed the commute from Malabe to Fort will be reduced with trains operating every four minutes during peak hours.