British Asia News Network- AD
Colombo: Country’s first Light-rail line will be funded by Japan, the project which is aimed at easing traffic problems in Colombo, finance ministry has confirmed on Tuesday.
Six stages loan will be issued until 2024 totaling USD 1.8 billion project that will begin this year, the ministry said.
First installment agreement of USD 260 million was signed Monday between the Japan International Cooperation Agency, which coordinates official development assistance, and Sri Lanka’s finance ministry.
The proposed rail line will have 16 stations and run for 16 kilometers on elevated viaducts to minimize land acquisition.