China Merchants Holdings (International) Company and China Merchants Hua Jian Highway Investment Company have Sri Lankan government approval to build and operate an expressway from the capital, Colombo, to the central part of the country. With the recently won approval, both companies would plan, design, finance, build and operate the first section of the US$4.5 billion Northern Expressway system.
The $1.5 billion first section of the expressway will be built in four stages, namely from Ambepussa to Kandy (46km), Pellendeniya to Dambulla (62km), Enderamulla to Ambepussa via Mirigama (53km), and Mirigama to Pellendeniya in Kurunegala (39km).
Remaining in Colombo, the Japan International Co-operation Agency (JICA) will provide a $342.05 million loan to build a bridge over the Kelani River north of the city. Designed to handle projected traffic volumes from 2020 to 2035, the new bridge will link an expressway network to Colombo's Bandaranaike International Airport. The 40-year loan is provided under the Special Terms for Economic Partnership (STEP), with a 10-year grace period, 0.1% annual interest and a 0.2% front-end fee.
Japan will also likely fund the first phase of a new mass rapid transit (MRT) network, and Sri Lanka is looking to build an elevated road network to deal with increasing traffic.
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