Home / News/ Rs. 1 b to Kandy Municipal Council from Local Loans Development Fund

Rs. 1 b to Kandy Municipal Council from Local Loans Development Fund

Comments / {{hitsCtrl.values.hits}} Views / Monday, 11 June 2018 00:05

A loan of Rs. 1 billion will be granted to the Kandy Municipal Council to construct the proposed shopping complex and nine-storey car park at Katukele to reduce traffic congestion in Kandy City. 

The signing of agreements took place today at the Ministry of Provincial Councils, Local Government and Sports in the presence of Minister Faiszer Musthapha and State Minister Shriany Wijeywickrema. 

The agreement was signed by Local Loans Development Fund Chairman Kamal Pathmasiri, who is the Secretary of the Ministry of Provincial Councils, Local Government and Sports, and the Mayor of Kandy Kesara D. Senanayake. This complex and car park which is being constructed at Kutukele will cater to around 150,000 local residents and around 600,000 foreign tourists daily. 

This loan is the largest loan given so far by the Local Loans Development Fund, which is 100 years old, and payback will be after a grace period of five years. Construction is scheduled to be completed in two years.


Share This Article


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

DMK Chief “Kalaignar” Karunanidhi excelled as a Tamil film script writer

Saturday, 18 August 2018

Muttuvel Karunanidhi, known to the Tamil-speaking world as “Kalaignar” (artiste), passed away at the age of 94 in Chennai on 7 August. Karunanidhi had been Chief Minister of India’s Tamil Nadu state for a total of 19 years. He was Chief Ministe

Bangladesh could be a happy hunting ground for Lankan entrepreneurs

Saturday, 18 August 2018

Bangladesh has traditionally been hospitable to Sri Lankan entrepreneurs and fortunately, the traditional friendliness has not given way to arrogance with the country’s growing prosperity. This was acknowledged at a meeting of Sri Lankan entreprene

Warriors who fight for a larger purpose

Friday, 17 August 2018

Are women more naturally inclined to cooperation than men? Sulochana Sigera’s impassioned statement at last week’s Women in Management Awards seemed to suggest so. Addressing the under-representation of women decision-makers, Sigera pointed to th

Do we sink or swim? No Michael, row the boat ashore!

Friday, 17 August 2018

Why Sri Lanka needs to strengthen geopolitical ties to be a competitive global economy by 2030

Columnists More