Written by Staff Writer
27 May, 2019 | 8:34 pm
COLOMBO (News 1st) – The third phase of the Central Expressway project is to be halted as the cabinet prepares to withdraw the contract from the Japanese Taisei Company.
According to the sources, the cabinet is preparing to withdraw the contract as a result of delays in constructing an interchange in the third phase of the project.
A spokesperson of the Ministry of Highways noted that despite the withdrawal of the project the government would not have to pay the company as no agreement was made between the country and the government.
Taisei has informed the Sri Lankan government that if the government is to withdraw the project of the interchange in question, they would refuse to construct the rest of the expressway.
The third phase of the Central Expressway is being carried out using money loaned at a high-interest rate, and a number of conditions from the Tokyo Mitsubishi Bank.
The value of the loan is US$ 1bn.
The distance of the third phase of the project from Pothuhera to Galagedra is 32km.
11 Jul, 2019 | 09:43 PM
05 Jun, 2019 | 12:53 PM
Are you interested in advertising on our website or video channel
Please contact us at [email protected]