China National Machinery Import and Export Corp. (CNMIEC) will help build the second and third stages of a railway line in southern Sri Lanka, in a deal valued at US$600 million, China Daily reported Tuesday. The project, which will link the towns of Beliatta and Kataragama, will receive funding assistance from the Exim Bank of China, Sri Lankan Transport Minister Kumara Welgama was quoted as saying. The first phase of the project from Matara to Beliatta to extend the railway line by 28 km is already under construction by CNMIEC at a cost of US$272 million. “We have decided on the Chinese company as the Exim Bank has agreed to grant a loan for the project,” Welgama was quoted as saying.
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