Sri Lanka rail project for Chinese firm
Print Edition
A CHINESE company is to be awarded the second and third stages of a railway line project in Sri Lanka, valued at US$600 million, a Sri Lankan official said yesterday.
The project in south Sri Lanka will be between Beliatta and Kataragama towns, according to Transport Minister Kumara Welgama.
Funding would come as a loan from the Exim Bank of China and the construction would be carried out by the China National Machinery Import and Export Corp.
The first phase of the project from Matara to Beliatta to extend the railway line by 28 kilometers is already under construction by CNMIEC at a cost of US$272 million.
“We have decided on the Chinese company as the Exim Bank has agreed to grant a loan for the project,” Welgama told reporters in Colombo.
The first phase of the railway line is expected to be completed by 2016.
The railway line will run parallel to a highway also built mostly with Chinese funding.
Since Sri Lanka ended a 30-year war in 2009, China has emerged as the island’s largest loan provider, granting US$1.2 billion in 2009 and US$821 million in 2010.
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