India has approved a US Dollars 318 million loan for Sri Lankan Railways according to Sri Lankan authorities.
This loan will be used to improve signal system from Maho to Anuradhapura in the North Central Province and from Anuradhapura to Omanthai (In Northern Province) according to the Cabinet Spokesman and Minister of Media and Parliamentary Affairs Gayantha Karunathilake.
The loan will be also utilized to purchase ten engines and one hundred sixty carriages,Thirty wagons with oil tanks,Twenty Container carrying wagons and six power sets with Air Conditioned carriages Minister Karunathilake has stated.
Cabinet has approved a proposal submitted by Prime Minister Ranil Wikramasinghe to reach an agreement with Exim Bank of India for the loan.
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