India, Lanka sign $67.4-m. pact for rail project

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Colombo: The Export-Import Bank of India signed an agreement with the Sri Lankan government to provide credit of $67.4 million for upgrading the Island nation’s southern rail line.
The agreement was signed by P.B. Jayasundera, Secretary, Ministry of Finance and Planning, and Export-Import Bank of India Executive Director Prabhakar Dalal in the presence of Ashok K. Kantha, the High Commissioner of India in Colombo.
The line of credit will fund the second phase of the up- gradation of Southern Railway Line from Colombo to Matara.
The up gradation project would allow the trains to travel on the Colombo Matara sector at speeds up to 100 kmph.

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