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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » China hands over 385 road building vehicles as part of US$ 115 m loan

China hands over 385 road building vehicles as part of US$ 115 m loan

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CSE.SAS

CSE.SAS
Global Moderator

hina is funding US$ 115 million worth of road equipment to Sri Lanka as part of a four-stage loan scheme and the first contingent of 385 vehicles was handed over to Economic Development Minister Basil Rajapaksa yesterday.

In total, 750 massive road building vehicles are expected to arrive in Sri Lanka as part of the loan, a statement from the Economic Development Ministry said. The Government has planned to repair and upgrade 22,000 km of roads and 3,750 km of this was done this year.

The statement added that the 750 vehicles were agreed to be procured through the Chinese Government by the Economic Development Ministry and would be imported in four stages.

This is the third stage and 385 vehicles at a value of Rs. 4.7 million were handed over during a ceremony that saw the attendance of the Chinese Ambassador to Sri Lanka Yang Xiaping.

A host of ministers and members of parliament participated in the event including Housing Minister Wimal Weerawansa and Highways Deputy Minister Nirmala Kothalawala.

http://www.ft.lk/2011/12/06/china-hands-over-385-road-building-vehicles-as-part-of-us-115-m-loan/

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