Sri Lanka is seeking nearly $150 million in additional funding from china to complete work on its second international airport that was initially valued at $209 million, the media reported Monday.
Civil Aviation Minister Priyankara Jayaratne has reportedly sought cabinet approval to obtain an additional loan from EXIM Bank China for the Mattala Rajapaksa International Airport (MRIA), reports Xinhua.
Jayaratne has forwarded the memorandum to the cabinet as some areas need to be extended in the proposed airport, the Sri Lankan media said.
The additional funding was requested after taking into consideration the increase in the prices of building and other materials.
Accordingly, the initial contract fee for MRIA has risen from $209 million to $356.9 million.
Jayaratne stated in the cabinet memorandum that additional tracks should be constructed in the airport.
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Luciano Technic Ltd, together with SriLankan Airlines, is engaged in the construction, and has requested the ministry to provide an aircraft hangar and other facilities in the southern side of the airport.
MRIA, named after Sri Lanka's president, has only one international airline operating out of it now, other than the national carriers. It was opened in March this year.