India approves $318 million loan for Sri Lanka Railways

Posted on:30 Jul 2016 09:29:28
India approves $318 million loan for Sri Lanka Railways
30 July 2016 Current Affairs: India has approved a $318 million loan for Sri Lanka Railways to upgrade its communications system and rolling stock in the Tamil-dominated north. This money will be used to improve the signal system from Maho to Anuradhapura in the north central province and from Anuradhapura to Omanthai in the north. 

It will also be used to buy six power sets with air-conditioned carriages, 10 engines and 160 carriages, 30 wagons with oil tanks and 20 container carrying wagons. 

The Cabinet had approved a proposal by Prime Minister Ranil Wickremesinghe to enter into an agreement with Exim Bank of India for the loan. 

India has already given loans of about $996 million to develop Sri Lanka's railway service which were used to improve northern and southern railway lines and buy engines and power sets. 

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs 2018 May

23 MAY
NEWS
22 MAY
NEWS
21 MAY
NEWS
20 MAY
NEWS

Current Affairs 2018 April

30 APRIL
NEWS
29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS

Current Affairs 2018 March

31 MARCH
NEWS
30 MARCH
NEWS
29 MARCH
NEWS
28 MARCH
NEWS