A Memorandum of Understanding (MoU) has been signed between KCI Metro Link Korea and the GBK Consortium, Korea, to undertake a feasibility study for a proposed LRT line from Negombo to Colombo via Bandaranaike International Airport as well as a mixed development project.

The consortium, which consists of more than 15 companies, will use an approximate $US 500m concessionary loan from the Korean Exim Bank extended to Sri Lanka while more than $US 1bn is planned to be raised from international investment and banks.

The MoU was signed by Dr Parimalam Rajo Isa Michael, president of KCI Metro Link, and Dr Byung Chun Shin, CEO of GBK Consortium, in the presence of the ambassador of Sri Lanka to the Republic of Korea, Dr A Saj U Mendis.

Speaking at the signing of the MoU Mendis highlighted the impact of similar projects in Korea and Malaysia and said that, as of mid-September 2021, Sri Lanka was where Korea was around 30 years ago. He urged investors to seize the opportunity to invest in Sri Lanka.