Dec 21, 2016 (LBO) – Sri Lanka is seeking a loan of Renminbi Yuan 577 million from China to finance the consultancy services for design review and construction supervision of civil works for the extension of the southern expressway project.
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The Cabinet nod has been given to a proposal made by Finance Minister Ravi Karunanayake to enter into a framework agreement with the Government of China to obtain the loan.
The government seeks to enter into a loan agreement with EXIM Bank of China for obtaining the loan.
Constructions of all 4 phases of extension of Southern Expressway from Matara to Hambantota have commenced in late 2015 and are in progress.