ADB grants $160M loan to improve SL Railways
2019-08-16 at 11:42
The Asian Development Bank has approved a $160 million loan to modernize operations and improve the efficiency of Sri Lanka Railways, by upgrading its infrastructure and technical capacity.
ADB Transport Specialist Johan Georget accordingly said there is a need to improve public transportation in Sri Lanka to serve a growing population expected to reach 25 million by 2050.
He noted an improved railway system will help promote the development of services and industries across Sri Lanka, as well as put the railway as a viable transportation mode of choice for the people.
The statement said this is particularly the case in suburban Colombo, where the impacts of traffic congestion are strongly felt by all road commuters as vehicle numbers have doubled between 2008 and 2018, while rail commuters often face overcrowded trains.
The lender said this is the ADB’s first loan for Sri Lanka’s railway sector.