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The Economic Development Co-operation Fund (EDCF) of the Export Import Bank of the Republic of Korea has agreed to provide a loan equivalent of US $ 17.6 million denominated in Korean won (approximately Rs. 1,714 million) to implement the proposed Balangoda-Bandarawela Road Rehabilitation project.

Secretary, Ministry of Finance Charitha Ratwatte and Ambassador for the Republic of Korea in Sri Lanka Lee Nam-Soo, exchange the documents after the signing.

The proceeds of the loan will be utilised to rehabilitate 57 Km of road from Balangoda to Bandarawela through Beragala. This includes 40 Km from Balangoda to Beragala on the Colombo-Ratnapura-Wellawaya-Batticaloa Road and 17 Km from Beragala to Bandarawela on the Beragala-Hali Ela Road. The rehabilitation of 43 km from Ratnapura to Balangoda of the same road is being undertaken with Korean assistance. The rehabilitation work of this project will be completed by September. The proposed project is for the rehabilitation of the remaining section of the Ratnapura-Bandarawela Road.

The loan arrangement was signed by Charitha Ratwatte, Secretary, Ministry of Finance on behalf of the Government of Sri Lanka and Lee Nam-Soo, the Ambassador for the Republic of Korea in Sri Lanka on behalf of the Economic Development Co-operation Fund (EDCF) of the Republic of Korea on Friday at the Ministry of Finance.

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