Sri Lanka to obtain USD60mn loan from OPEC for road rehabilitation – Lanka Business Online – Sri Lanka business and economy news as it breaks

May 29, 2015 (LBO) – Sri Lanka will obtain a loan facility of US 60 million dollars from the development fund of Oil Producing and Exporting Countries (OPEC) to rehabilitate and renovate the road from Baddula to Chenkaladi.

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The Cabinet has given approval for the proposal made by the Minister of Finance, Ravi Karunanayake to entre into the loan agreement, the Cabinet spokesperson said.

The Peradeniya – Badulla – Chenkaladi road (A5 road) has been identified as a main road in Sri Lanka that connects the Eastern and Central provinces and accordingly the road segment from Peradeniya to Baddula has already been renovated as phase one.

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The remaining segment from Baddula to Chenkalladi amounting to 151.

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3 kiliometers are to be renovated as phase two.