“LRT project largest State investment by any government”

Light Rail Transit (LRT) line between Malabe and Colombo Fort which is to be launched under the assistance of Japan International Cooperation Agency (JICA), is the largest project invested by any government, Megapolis and Western Development Minister Patali Champika Ranawaka said yesterday.

He expressed these views at signing of the Consultancy services agreement with Japan International Cooperation Agency (JICA) at the ministry complex. The initial work on the LRT line would commence by next month and the completion of the project would be in 2024,” the minister said. “The light rail project will be carried out by our government with the support of the Japanese Government. JICA has agreed to offer $1,850 million as a loan for the project on behalf of the Japanese Government. The repayment term for the loan is 40 years with a grace period of 12 years,” the Minister added.

He said the project loan was provided under special terms for economic partnership, with an interest rate of 0.1 percent per annum for civil works and equipment cost and 0.01 percent per annum for engineering services cost. The proposed LRT line has a total length of approximately 16 kilometres, with 16 stations. The stations are placed at frequently accessed locations and include Malabe-it Park, Battaramulla, Rajagiriya, Cotta Road Railway Station and National Hospital, up to the current Fort/pettah railway station.