HSBC and People’s Bank to finance construction of 210 bridges in rural Sri Lanka

Oct 20, Colombo: The Sri Lankan government Wednesday received cabinet approval to enter into separate credit agreements with the HSBC Bank of UK and People’s Bank to finance construction of 210 bridges in the island.

The cabinet, acting on a proposal submitted by President Mahinda Rajapaksa in his capacity as the Minister of Finance and Planning, Wednesday granted approval to enter into loan agreements with the HSBC Bank of UK for a sum of Sterling Pounds 28,220,757 and with the Peoples’ Bank for a sum of Sterling Pounds 6,779,243.

The construction of 210 permanent steel bridges connecting number of villages across the entire Island will greatly facilitate poor communities residing in remote areas to enhance their living standards, the government said.

Cleveland Bridge UK Ltd, has won the contract to build the 210 steel bridges of 6-30 metre in lengths . The construction is due to be completed in the next three years.

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