NEW DELHI: India will rebuild the damaged railway tracks in Sri Lanka's war-ravaged Northern Province. Railways' Public Sector Undertaking IRCON International signed an agreement on Friday with Sri Lankan railways for the restoration of the 5 km Pallai-Kankesanthurai rail track in the northern Jaffna peninsula that was damaged in the ethnic conflict.
Railway Board (Member) A P Mishra said, "With the completion of this project, Yal Devi (Goddess of Jaffna) train will again run to Kankesanthurai from Colombo, facilitating access to Sri Lanka." The project, expected to be done in two years, will cost $149.3 million. The project is the fifth project in SL's Northern Province to be covered under Indian Line of Credit. It would be funded as part of a loan of $800 million given by India at an interest rate of LIBOR plus 0.5% and a 20-year repayment period with a five-year moratorium.
