India and Sri Lanka held some meetings to discuss various issues regarding overall development of railway network including the signalling and telecommunication system upgrade project in the island.
India has been extending concessional Line of Credit (LoC) to Sri Lanka to support various projects in the infrastructure sector including Railways. Till date, more than USD 1 billion of LoC has been extended to Sri Lanka for various railway projects.
A new USD 318 million credit line for railway sector has announced in March 2015, during Prime Minister Narendra Modi’s visit to Colombo.
“Sri Lanka has proposed to use the fresh LoC for purchase of six diesel multiple units, each with two power cars and 12 coaches (USD 106 million) 160 passenger coaches (USD 62 million) and track materials to rehabilitate around 150 km of Railway track (USD 150 million),” said an official statement.
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