Sri Lankan highway project to get further 90 mln usd additional funding -

ADBMUMBAI (Thomson Financial) - The Asian Development Bank (ADB) said it is doubling its funding commitment by an additional 90 mln usd for a major highway project in southern Sri Lanka that will promote economic growth.
The Southern Transport Development Project was initially approved in 1999, with ADB extending a 90 mln usd loan. ADB will now provide a second 90 mln usd loan to ensure completion of the highway and to expand its design to four lanes from the existing two.
The project involves the development of approximately 128 kilometers of highway linking the national capital of Colombo with Matara and Galle, important district capitals on the southern coast, ADB said.
Additionally, ADB also said it will provide a 300,000 usd grant to prepare a long-term land use and development plan along the highway with particular focus on the 1.5 kilometers on each side.
Other financiers of the highway project are the government of Sri Lanka, Japan Bank for Intl Cooperation, the Nordic Development Fund and the Swedish International Development Cooperation Agency, the release said.