Project ID: 33363

China Eximbank offers $245 million loan for the construction of a 56 km railway track [Cancelled]

Commitment amount

$ 367992461.82732403

Adjusted commitment amount

$ 367992461.82732403

Constant 2021 USD

Not recommended for aggregates

This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Sri Lanka

Sector

Transport and storage (Code: 210)

Flow type

Loan

Level of public liability

Unallocable

Infrastructure

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

Vague (Official Finance) (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Cancelled (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2009-01-01

Description

China initially signed an agreement to provide US$ 245 million loan for the construction of a 56-kilometre railway track from Pallai (located on the northern edge of mainland Sri Lanka) to Kankesanthurai in the Jaffna peninsula. China Railway Number Five Group was also supposed to carry out the construction for the railway track. Perhaps due to opposition regarding the high cost China has placed for the project and , in the resource section), the loan agreement is suspended. Instead, based on the 2011 Report on the 'Northern Province Development, the Indian government has agreed to finance the construction of the 56-km railway track; Indian Rites and Indian Railways Construction Company (IRCON) were given the contract to build the railway. The line between Pallai and Jaffna was re-opened on 13 October 2014. The final stretch of the line, between Jaffna and Kankesanthurai, was re-opened on 2 January 2015.

Number of official sources

1

Number of total sources

8

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Details

Cofinanced

No

Loan Details

Bilateral loan

Investment project loan