India pledges USD 1.3 billion for development of Sri Lanka railway

(FASTNEWS|COLOMBO) – India has so far committed Lines of Credit worth around USD 1.3 billion for development of railway sector in Sri Lanka, the High Commission of India to Sri Lanka stated.

The restoration of arterial railway lines, connecting the North and the South after decades of conflict, was undertaken under Indian concessional financing, the High Commission said adding that the tsunami-affected Southern Railway line was also upgraded under Indian Line of Credit.

India has also supplied rolling stock to Sri Lanka and contributed to capacity building of Sri Lankan railway personnel.

India remains ready to assist Sri Lanka to meet its developmental aspirations as per Sri Lanka’s own requirements, the High Commission stressed.

In June 2017, India signed a fresh Line of Credit Agreement for USD 318 million for the development of railway sector in Sri Lanka. Under this Line of Credit, various projects are underway including procurement of 160 passenger coaches; upgradation of railway track from Maho to Omanthai; upgradation of signal and telecommunication system from Maho to Anuradhapura and setting up of a Railway Workshop in Rathmalana, the High Commission further added.