Sri Lanka plans to acquire a USD 100 million interest-free loan facility from China Development Bank (CDB) to develop the planned Port Access Elevated Highway to Marine Drive through Colombo Port City.
The Cabinet of Ministers on May 30 permitted an application presented by Megapolis and Western Development Minister Patali Champika Ranawaka to sign a tri-party loan arrangement with CDB and the Chinese investor of the project, CHEC Port City Colombo (Pvt.) Ltd.
The Megapolis and Western Development Ministry and CHEC Port City Colombo (Pvt.) Ltd target to decrease the traffic bottleneck in the area by linking Colombo Port City to Port Access Elevated Highway.