(UDHAYAM, SEJONG) – South Korea will provide US$199 million in loans to support an infrastructure-building project in Sri Lanka, the Yonhap News Agency reported.
The State-run Korea Economic Development Cooperation Fund (EDCF) will foot most of the $250 million project to construct tunnels, as well as roads and bridges to reach them, in Kandy, the second-largest city in Sri Lanka, according to the Ministry of Strategy and Finance.
Launched in 1987, the EDCF is aimed at helping developing and less-developed countries by providing loans that carry low interest rates.
The Finance Ministry said the South Korea Government decided to finance the massive infrastructure project to commemorate the 40th anniversary of diplomatic relations with the South Asian country.