India pledges US$ 1.3 bn for development of SL railway

India has so far committed Lines of Credit worth around US$ 1.3 billion for development of railway sector in Sri Lanka, the Indian High Commission said yesterday.

The restoration of arterial railway lines, connecting the North and the South after decades of conflict, was undertaken under Indian concessional financing.

The tsunami-affected Southern Railway line was also upgraded under Indian Line of Credit. India has also supplied rolling stock to Sri Lanka and contributed to capacity building of Sri Lankan railway personnel.

India remains ready to assist Sri Lanka to meet its developmental aspirations as per Sri Lanka’s own requirements, the High Commission said.

In June 2017, India signed a fresh Line of Credit Agreement for US $318 million for the development of railway sector in Sri Lanka.

Under this Line of Credit, various projects are underway including procurement of 160 passenger coaches; up-gradation of railway track from Maho-Omanthai; up-gradation of signal and telecommunication system from Maho to Anuradhapura; and setting up of a Railway Workshop in Ratmalana, the Indian High Commission said in a statement.