An agreement for supply and installation of an $86.5-million signalling and telecommunication system for railway network in Northern Province of Sri Lanka was signed between IRCON and Sri Lanka Railways.
Line of credit
This project is a part of Indian Line of Credit of $800-million, which has been extended by India at concessional terms. The credit line has been extended at an interest rate of LIBOR plus 0.5 per cent with LIBOR capped at 3 per cent. The repayment period is 20 years with a five year moratorium.
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