Sri Lanka receives World Bank assistance for Kandy Multimodal Transport Terminal Development Project
The Sri Lankan government and the World Bank have reportedly signed a loan agreement to the tune of US$ 69.33 million for the Kandy Multimodal Transport Terminal Development Project in the country’s Central Provincial city of Kandy.
According to local news reports, located at the city centre and providing access to the railway station, the modernised terminal is to integrate rail, bus, three-wheeler and pedestrian traffic to make it safer and more efficient.
Sri Lanka’s Finance Ministry Secretary Sajith Attygalle and World Bank Country Director, Maldives Nepal and Sri Lanka Faris H. Hadad-Zervos had reportedly signed the agreement on behalf of the Sri Lankan government and World Bank, respectively.
Kandy is the capital city of Sri Lanka’s Central Province. The Central Province contributes 11.5% to the country’s GDP, second only to the Western Province.
According to reports, the city is also a major tourist attraction and was declared a UNESCO World Heritage Site in 1988. Kandy’s central location, with road access to all other regions of the island, offers it the potential to become a residential and commercial hub.
“Kandy will benefit significantly from a well-planned urban transport network that enhances accessibility to and from the city, efficient mobility within the city region, and its attractiveness as a tourist destination,” Hadad-Zervos has been quoted as saying.
“This project is part of comprehensive transport planning and improvements are currently underway in the Kandy city region,” Project Task Team Leader and Senior Transport Specialist Winnie Wang has stated. “It will lead to less congestion in the city centre, safer and faster commutes for public transport and non-motorised transport users, and greater accessibility to markets, employment, schools, and healthcare facilities.”
The project is to be implemented by Sri Lanka’s Ministry of Urban Development and Housing. The total project cost is US$ 69.33 million, with US$ 64.33 million through an International Development Association (IDA) concessional credit with maturity of 30 years and a five-year grace period. The remaining US$ 5 million is provided through an IDA non-concessional credit with maturity of 10 years and five-year grace period.
Sri Lanka is currently engaged in an aggressive development programme aimed at taking the island to the next level of development. Sri Lanka is fast becoming a business hub in the South Asian region given its geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country. Multilateral agencies have come forward to fund many of these development programmes. All this has resulted in Sri Lanka’s development programme fast evolving in to a hotspot for business/investment opportunities in the country.
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