Ircon International to support rail development

Ircon International Limited after the completion of the 265-km rail network in the Northern Province, hopes to expand its footprint in Sri Lanka and assures the government of its continued support to improve the transport sector and further develop rail infrastructure.

The Government is considering the use of the available Indian line of credit to finance these projects. A new line of credit amounting to USD 318 million was also recorded during the visit of the Indian Premier Modi to Sri Lanka in March 2015. The line of credit is being extended by the government of India as a soft loan having attractive terms and low interest rates.

The issue of upgrading the railway track using Indian expertise and financial assistance was also discussed extensively during the visit of Prime Minister Ranil Wickremesinghe to India in September this year.

The Minister of Transport Nimal Siripala de Silva and senior officials of the Ministry of Transport and Sri Lanka Railways inspected the work of Ircon International in the North in October.