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BUSINESS NEWS Sri Lanka News

Sri Lanka to obtain USD 200 M for 3rd phase of highways investment program

The proposal to obtain a sum of USD 200 million to finance the Second Consolidated Highways Investment Programme has received Cabinet approval.

Prime Minister Mahinda Rajapaksa had submitted the proposal in his capacity as the Minister of Finance.

The Government Information Department said the Government and the Asian Development Bank have entered into an agreement to obtain funds worth USD 900 million for the implementation of the Second Consolidated Highways Investment Programme.

Thereby, the Cabinet has approved the PM’s proposal to obtain an amount of USD 200 million, which is the third installment of the agreed sum of USD 900 million promised for financing the project.

Plans are in place to renovate and maintain 3,400 km of rural access roads in the Eastern, Northern, Uva, and Western provinces under the Second Consolidated Highways Investment Programme.

As per the project, 340 km of national roads between the rural community and the socio-economic centres in the aforementioned provinces will also be renovated.

It has been proposed to complete the entire programme by 31st of March 2027. 

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