Colombo, Aug 20 (BAN/ AD): Asian Development Bank (ADB) has provided a loan of USD 160 million loan to modernize Railway Sector and thereby improve the efficiency of services. As per sources modernization cost would be USD 192 million and the Government share would be USD 32 million.
The loan agreement was signed between Dr. R H S Samaratunga, Secretary to the Ministry of Finance and Ms. Manjula Amarasinghe, Officer In charge of ADB Sri Lanka Resident Mission on behalf of ADB.
The project will improve the operations, maintenance, safety, skills development, and technical capacity of Sri Lanka Railways. The project will provide a modern multichannel – paper, mobile, and smart card – ticketing system, and will also install a state-of-the-art telecommunications system, which will replace the original system installed in 1985.
The railways will also be upgrading new operations headquarters and train control center and also equipment for the maintenance of track and rolling stock, and improve railway safety.