Sri Lankan government spokesman and minister Gayantha Karunathilake said that the money will be used to improve the signal system from Maho to Anuradhapura in the north central province and from Anuradhapura to Omanthai in the north.
It will also be used to buy six power sets with air-conditioned carriages, 10 engines and 160 carriages, 30 wagons with oil tanks and 20 container carrying wagons.
The Cabinet had approved a proposal by Prime Minister Ranil Wickremesinghe to enter into an agreement with Exim Bank of India for the loan.
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