What is the purpose of the contract signed between Sri Lanka's Transport and Highways Ministry and India's IRCON International Limited?

Solution

Sri Lanka’s Transport and Highways Ministry has signed a contract with India’s IRCON International Limited for the Design, Installation, Testing, and Commissioning of a Signalling system along the Sri Lanka Railways' Maho to Anuradhapura route, spanning 66 kilometers. The contract, valued at 14.90 million USD, was inked in the presence of Sri Lanka's Minister of Transport and Highways, Dr. Bandula Gunawardane, and India's High Commissioner in Sri Lanka, Gopal Baglay. The project, which will be executed under an Indian Line of Credit of 318 million USD, is set to bolster transportation links and foster economic growth. Projects of over USD 1 billion in the Railway sector have been completed under 5 Indian LOCs to date. About IRCON Ircon International, or Indian Railway Construction International Limited, is an Indian engineering & construction corporation, specialized in transport infrastructure. The public sector undertaking was established in 1976, by the Indian Railways under the Indian Companies Act 1956 IRCON, which started its operations in Sri Lanka in March 2009, has completed several projects in Sri Lanka with Indian assistance and has contributed significantly towards rehabilitation and modernization of Sri Lanka Railways, capacity building, and employment generation.