Sri Lanka's president has ordered the termination of a $1.5-billion Japanese-funded light rail project, saying it is not a"cost-effective solution" for the congested capital Colombo, officials said on Thursday, September 24.
President Gotabaya Rajapaksa, elected last year, told the transport ministry to"terminate this project and close the project office with immediate effect," top aide PB Jayasundara said in a letter to the ministry. Japanese technology including rolling stock was to be used on the rail system, which included 16 stations over 15.7 kilometers .
The Japanese loan carries an interest rate of 0.1% and is repayable over 40 years with a 12-year grace period. Japan has already funded sections of new expressways and a key bridge to reduce traffic congestion in and out of the capital.
Poor Sri Lanka....nabaon sa utang sa China....Pinas na kasunod.
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