Sept 03, 2009 (LBO) – Sri Lanka will upgrade 150 kilometres of provincial roads in the east of the country and 220 kilometres in the north central province with a 70 million US dollar credit from the Asian Development Bank (ADB), a senior minister said. Information minister Anura Yapa said the total cost of the project will be 78 million US dollars. The Sri Lanka government will put in 8.0 million US dollars to meet taxes and duties.
The ADB is also giving 150,000 US dollars as a grant to improve the eastern and north central bank provincial road development agencies. Sri Lanka will put in 150,000 US dollars.
The loan will be charged a 1.0 percent during an 8-year grace period and 1.5 percent thereafter. It is repayable in 32 years.