The new bridge will serve as a gateway to Colombo, since it will extend link-up with the Colombo-Katunayake Expressway as well as have access to the Port Access Road and Baseline Road. The Government of Japan has assisted in the development of Sri Lanka’s road network in numerous ways aimed at improving connectivity, where it supported the construction of the Southern Expressway, Outer Circular Expressway as well as the construction of a large number of rural roads and bridges throughout the country.
The terms of the 44th Yen Loan is highly concessionary with very low interest rates and long-term repayment period that includes a 10 year grace period and the loan is administered by Japan’s International Cooperation Agency. The Government of Japan has extended Yen Loans amounting to a total of 951.6 billion Yen to Sri Lanka since 1976.
All projects under the Yen Loan scheme are in line with the needs identified by the Sri Lankan Government and are considered as national importance in terms of facilitating social and economic development in the country. Japan hopes that these projects would enhance Japan’s long-term cooperation in Sri Lanka’s overall development process and improve the living conditions of the people.
The signing of the Exchange of Notes for the Yen Loan took place on March 28th at the Ministry of Finance and Planning between Nobuhito Hobo, Ambassador of Japan on behalf of the Government of Japan and Dr. P.B. Jayasundera, Secretary, Ministry of Finance and Planning on behalf of the Government of Sri Lanka.