US $ 60 m Saudi grant for road development

President Mahinda Rajapaksa being greeted by Saudi Arabian Financial Minister and Saudi Fund For Development Director Board Chairman Dr. Ibrahim Al Assaf at Temple Trees yesterday. Picture by Chandana Perera

The Saudi Fund for Development has agreed to grant a financial allocation worth US 60 million dollars for the development of Sri Lanka's road network.

The agreement in this regard was signed by International Monetary Corporation Senior Minister Dr. Sarath Amunugama and Saudi Arabian Financial Minister and Saudi Fund For Development Director Board Chairman Dr. Ibrahim Al Assaf in the presence of President Mahinda Rajapaksa at Temple Trees yesterday.

The loan will be invested to develop 144 kilometres of six main roads. The entire project is to be completed by 2014.

President Rajapaksa held a cordial discussion with Dr. Al Assaf after signing the agreement.

Industry and Commerce Minister Rishard Badurdeen, Deputy Ports and Highways Minister Nirmala Kotelawela and Finance Ministry Secretary Dr. P.B. Jayasundara were also present.