Press briefing of Cabinet Decision taken on 2011-03-30

Loan facility of US$ 500 million from China Development Bank Corporation to Finance Improvement and Rehabilitation of Priority Road Projects

- China Development Bank Corporation (CDB) has agreed to provide US$ 500 million to finance improvement and rehabilitation of priority Road Projects covering the entire island and connecting all electorates. This will contribute to lower transportation cost and improved the integration of all parts of the country, thus increasing the economic activities and productivity and also provide employment opportunities to the residents of the area. The proposal made by H.E. the President to enter into a Loan Agreement for US$ 500 million with the China Development Bank Corporation to implement the project, was approved by the Cabinet.