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Sri Lanka gets more World Bank money for roads

Mahilankadu farmers experience mechanised transplantation of paddy seedlings at the Commercial Bank programme

July 18, 2008 (LBO) - The World Bank is giving 98 million US dollars in additional financing for road re-building in Sri Lanka amid soaring costs of oil based materials, the multilateral lender said.
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"The project has made good overall progress," says World Bank infrastructure specialist Amali Rajapaksa.

"Importantly, it has played a pivotal role in securing a mechanism for financing the maintenance of national roads which have suffered from a backlog of maintenance for several years."

The project is expected to close in 2011. The money comes to supplement a 100 million dollar road sector assistance project originally approved in 2005 to run with funds from International Development Association (IDA), the World Bank's concessional window.
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The IDA credit has a 20-year maturity with a 10-year grace period.

"The additional finance will be mostly used to cover cost-overruns mainly due to the unprecedented oil price increase in the world market that has led to the escalation of prices in oil-based materials," the World Bank said in a statement.

Sri Lanka's national road network carries over 70 percent of the traffic and is vital for the movement of people and goods.

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