- Cabinet approval to borrow from AIIB for US $ 287mn Colombo Urban Revitalization Project
The Cabinet of Ministers has approved a proposal by Finance and Mass Media Minister Mangala Samaraweera to hold negotiations and enter into an agreement with the Japan International Cooperation Agency (JICA) to fund a light rail system.
The 17km-long light rail transit system is to be built between Colombo Multimodal Transport Hub and Malabe with a 246, 641 million Japanese yen investment.
The proposal in this regard was presented to the Cabinet by Minister Samaraweera during the first Cabinet meeting of the new government chaired by President Maithripala Sirisena on Wednesday.Japan International Cooperation Agency has agreed to provide 200 billion Japanese yen for the project.
Finance and Mass Media Ministry is expected to hold negotiations with JICA shortly to enter into an agreement in this regard.
Meanwhile, the Cabinet of Ministers also gave their nod to the Finance and Mass Media Ministry to hold and enter into agreement with China-backed Asian Infrastructure and Investment Bank (AIIB) to finance the proposed US $ 287 million Colombo Urban Revitalization Project. The government and the local private sector are also expected to fund the project.