The World Bank and the Government of Sri Lanka entered into a loan agreement worth 69.33 million dollars for the ‘Kandy Multimodal Transport Terminal Development Project’ to be set up in Sri Lanka.
The project will be carried out under the supervision of the Ministry of Urban Development and Housing, with major developments being made to the Good Shed terminal which is currently lacking in basic infrastructure.
The total project cost is $69.33, with $64.33 million being provi an International Development Association (IDA) concessional credit with maturity of 30 years and a 5-year grace period.
And the remaining $5 million will be funded through an IDA non-concessional credit with maturity of 10 years and 5-year grace period.
The terminal is expected to ease traffic congestion, increase accessibility to key locations in the city and ensure safer an√d faster travel.With easy access to the railway station the new terminal will incorporate rail, bus, three-wheeler, and pedestrian traffic for a more efficient transportation system within the city.