Press briefing of Cabinet Decision taken on 2017-03-21

Rural Bridges Project - Phase II - Construction of additional 63 bridges

- Approval of the Cabinet has been granted on 21st February 2014, to obtain a credit facility of Sterling 100 million from the Deutsche Bank AG London Branch, as a commercial facility for the proposed project of constructing 537 bridges. The project duration of 03 years is due to be completed on 08th December 2017 and owing to the fluctuations of the exchange rates, a further surplus is found to be existing on the loan amount. Accordingly, the proposal made by Hon. Faiszer Musthapha, the Minister of Provincial Councils and Local Government to construct additional 63 bridges utilizing the balance saving and also to extend the project period by another 03 months from 08th December 2017, was approved by the Cabinet.