Southern Expressway (E01) - ADB Project Loan

දක්ෂිණ අධිවේගී මාර්ගය (E01) - ආසියානු සංවර්ධන බැංකු (ADB) ණය පහසුකම

ACTIVE

Official Agreement: Asian Development Bank Southern Transport Development Project Facility

Original Principal$220 MSDR 165,000,000

Current Outstanding$95 MRs. 28,690 M

Principal Repaid$125 MInterest Paid: $31.2M

Interest Rate1.5%FIXED (1.00% during grace, 1.50% thereafter (ADB Concessional Asian Development Fund SDR terms))

Why Was This Loan Taken? Officially Stated Purpose

Construction of 128km access-controlled 4-lane Southern Expressway from Kottawa to Galle and Matara.

කොට්ටාවේ සිට ගාල්ල සහ මාතර දක්වා කිලෝමීටර් 128 ක සිව් මංතීරු දක්ෂිණ අධිවේගී මාර්ගය ඉදිකිරීම.

Responsible MinistryMinistry of Highways & Road Development

Implementing AgencyRoad Development Authority (RDA)

Project Site / ScopeKottawa to Galle / Matara

Full Contractual Terms & Financing Conditions

CreditorAsian Development Bank (ADB)Multilateral (ADB)

Borrower EntityGovernment of Sri Lanka / Road Development Authority (RDA)CENTRAL_GOVERNMENT

Signing Date2001-05-18Effective: 2001-10-30

Final Maturity2033-05-18Original: 2033-05-18

Interest Rate1.5% (FIXED)Fixed Coupon

Grace Period8 YearsPrincipal moratorium

Repayment FrequencySEMI_ANNUALEQUAL PRINCIPAL

Commitment Fee0.15%On undisbursed balance

CONTRACTUAL TIMELINE

Loan Duration & Repayment Schedule Architecture

Total Tenure: 32 Years

Agreement Signing2001-05-18Year: 2001

Grace Period Moratorium8 YearsInterest only (No principal due)

Principal Repayment Starts2009-06-30Frequency: SEMI_ANNUAL

Final Maturity2033-05-182452 Days Remaining

Amortization Method: EQUAL PRINCIPAL

Repayment Window: 24 Years

Government in Office & Political Context When Signed

President / Head of StateChandrika Bandaranaike Kumaratungaචන්ද්‍රිකා බණ්ඩාරනායක කුමාරතුංග

Prime MinisterRatnasiri Wickremanayake

Finance MinisterChandrika Bandaranaike Kumaratungaචන්ද්‍රිකා බණ්ඩාරනායක කුමාරතුංග

Constitutional Record: This loan was executed under the official mandate of the Chandrika Bandaranaike Kumaratunga Administration. The sovereign obligor is the Democratic Socialist Republic of Sri Lanka.

Auditor General Official Record

Auditor General Audit on Land Acquisition Delay Costs in STDP (2009)

Trace alteration disputes and prolonged land acquisition litigation generated contractor standby claims exceeding Rs. 4.8 Billion.

Financial Impact Noted: Rs. 4,800 Million

Status: RESOLVED

Cabinet & Parliament Approvals

Cabinet Paper: CP/01/0812/05 (2001-04-10)

Approved signing of ADB Loan Agreement for Southern Transport Development Project.

Parliamentary Hansard / Act: Appropriation Act Supplementary Estimate Resolution for Southern Highway Project

Approved under Appropriation Act limits

Payment-level contract amortization schedule not publicly disclosed by creditor.

Aggregate annual repayments and outstanding balances are reported under CBSL Public Debt Bulletin.

Verified Document Library & Primary Sources

Tier: PRIMARY_OFFICIAL

Central Bank of Sri Lanka Annual Report 2025 (Public Debt Operations)Central Bank of Sri Lanka (CBSL) | Published: 2026-04-30

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Department of External Resources (ERD) Foreign Financing Performance Report 2025Department of External Resources, Ministry of Finance | Published: 2026-03-31

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