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Road Building

July 20, 2012 (LBO) - A 24 kilometre road in Sri Lanka's from Maha Oya to Aralaganwila will be built under a scheme where a 500 million dollar bank credit will be used by the state road agency fund domestic contractors.
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Sierra Construction (Pvt) Ltd has got the contract to build the road for 2,363 million rupee contract to build the road with financing from state-run Bank of Ceylon, the state information office said.

Sri Lanka's Road Development Authority gets the finance under a Treasury guarantee. Sri Lanka plans to re-build 692 kilometers of roads through domestic contractors under the scheme.

Bank of Ceylon gives the loans to be repaid over 3 years with bi-annual payments with an additional 18 months of grade. The rate is set at the average weighted deposit rate plus 2.

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5 percent.

Sri Lanka has been pouring large volumes of money to upgrade the country's infrastructure including in former warzones in the North and the East in recent years.

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