Dailymirror.lk:
Exchange of Notes for a Japanese concessionary loan of Rs 44 bn was signed yesterday at the Ministry of Finance, a media release said.
The loan is provided under Japan’s annual Yen Loan Package to assist the development efforts of the country on concessionary terms and administrated by the Japan International Cooperation Agency (JICA).
Japanese ambassador Kunio Takahashi and Dr. P. B. Jayasundera, Secretary, Ministry of Finance signed the Exchange of Notes. The agreement was also signed by Akira Shimura, Senior Representative of JICA on behalf of JICA.
This loan package is provided annually by Government of Japan and this is the 41st Yen Loan Package and it would support the financing of two projects including Greater Colombo Urban Transport Development Phase 2 (II) and Vavuniya Kilinochchi Transmission Line Project (II).
Japanese Yen 31,688 million (approximately Rs. 42,145 million) will be utilized for construction of 8.9 km length of road section from Kaduwela to Kadawatha of Outer Circular Highway (OCH) to ease traffic congestion in the Colombo Metropolitan Region and improve the connectivity with Southern Expressway, Colombo – Katunayake Expressway and other national roads connected to Colombo City.
The length of the Outer Circular Highway (OCH) will be 29 km and financial assistance for the construction of Southern Section of OCH between Kottawa to Kaduwela has already been provided by the Japanese Government in 2007 and 2008.
The objective of the Vavuniya, Killinochchi Transmission Line Project is to reinforce the transmission network in the Northern area of the country, by reconstructing the 132 KV transmission line from Vavuniya to Kilinochchi and constructing grid substation at Kilinochchi. It is also ensured to provide reliable, adequate and efficient electricity supply to consumers in the Northern Province. Japanese Yen 1,422 million (approximately Rs.1, 891 million) will be utilized for this project.