Japan International Cooperation Agency (JICA) and the Government of Sri Lanka signed a USD 270 million (JPY 30 billion) loan agreement for Colombo LRT project. the total value of the project is estimates at USD 1.7 billion.
The project envisages the construction of a 15-km light rail line, served by 16 stops, between Colombo and Malabe suburb. The entire rail track and stations will be on elevated viaducts to minimise requirement of land acquisition.
Under the agreement, Japanese technology, including rolling stock and electromechanical equipment for the LRT, will be utilized in the project. The capacity of a 4-car light rail vehicle is 165 passengers.
In 2018, the city of Colombo has issued the letters of invitation for consulting services and in 2020 the tender on the construction of the Malabe depot will be announced.
In June 2018, JICA has handed over the report of a feasibility study to the Minister of Megapolis and Western Development.
It is expected that the commercial services will start in 2026.