CHINA-SRI LANKA: CHINA'S EXIM BANK HALTS FUNDS FOR SRI LANKA'S CENTRAL EXPRESSWAY PROJECT

Sri Lanka Treasury sources revealed that the Exim Bank of China has halted the release of the funds for Sri Lanka’s Central Expressway construction project presently owing to the current economic crisis in the country and the Sri Lanka Government’s decision to suspend repayment of foreign loans. As a result, the construction company has decided to terminate the service contract of workers and around 500 Chinese workers have started leaving the country affecting the jobs of 2000 local construction workers in the area. Construction work began in September 2021 and was targeted to complete the work by the year 2024. 32 percent of the Central expressway phase 1 project construction has been completed by using government funds amounting Rs. 33 billion.





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