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US$ 500m sought from WB for road and agri projects
View(s):The Government has sought a US$ 500 million loan from the World Bank for the construction of rural roads and an agricultural project, a senior Treasury official said.
Talks are underway for the loan to construct some 3000km of roads for which US$ 450 million has been sought while US$ 50 million is for the construction of warehouses and collecting centres for agricultural projects, he said.
The repayment period will start 10 years later and payment of the loan will be completed in 2049.
The road construction projects will begin from the Sabaragamuwa Province and will be spread across nine districts for which tenders will be called from local constructors.
After the completion of the project, the roads need to be maintained for three more years by the company undertaking the construction.