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Sri Lanka secures Rs. 20 Billion from ADB for rural road renovations
Colombo (PMD) - In a significant move towards infrastructural development, the Minister of Transport, Highways and Mass Media, Bandula Gunawardena, announced today that the renovation of dilapidated rural roads across the island nation is set to commence next week.
This ambitious project, aimed at reviving essential transportation networks, has received substantial support from the Asian Development Bank (ADB), which has agreed to provide a loan amounting to nearly Rs. 20 billion.
Minister Gunawardena, addressing a news conference at the Presidential Media Center under the theme 'Collective Path to a Stable Country,' today (30), emphasized the pivotal role the loan will play in rejuvenating the nation's road infrastructure.
He highlighted that the timely disbursement of funds would enable the commencement of road reconstruction work within the next week.
The minister also disclosed key developments in the country's debt restructuring efforts. France's Lazard, renowned for its international expertise, has been selected to spearhead the debt restructuring process, while Clifford Hans Company will handle legal matters arising from non-payment of international debts.
Minister Gunawardena revealed that fruitful discussions with creditors had taken place, with President Ranil Wickremesinghe seeking support from Japan, India, and China during official foreign visits.
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