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| Tuesday, 28 October 2003 |
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Colombo Oct. 27 (Lankapuvath) The government of Japan has agreed to provide assistance for the provincial road improvement project under Japanese 35th Yen loan package. The total loan amount provided for the project is Japanese Yen 5,811 million. (Approximately Rs. 4,505 mn). The Loans generally carry an interest rate of 2.2 percent per annum. The repayment period is 30 years inclusive of a grace period of 10 years, official sources said. The objective of project is to contribute to the development of local economy through a reliable traffic network by rehabilitating and upgrading about 770 km of secondary road (class C, D and E roads) and bridges in the central and Sabaragamuwa provinces, the sources said. The Ministry of Home Affairs, Provincial Councils and Local Government will be the project-executing agency. The provincial road agencies will function as the project implementing agencies under the direct supervision of the respective provincial councils. Provincial road agencies will on behalf of the provincial council, award contracts and be the employer for all contracts in their respective provinces. The project sites are about 770 kms of the secondary roads and bridges in Central province and Sabaragamuwa province. Thirty five roads have been selected in the Central Province and 50 roads in Sabaragamuwa Province. |
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