Cabinet approved to place all expressway under one particular entity

by Zulfick Farzan 13-10-2020 | 12:40 PM

Colombo (News 1st); The Cabinet of Ministers has granted their consent for the incorporation of a company solely owned by the Secretary to the Treasury with all the expressways being taken under the particular Company.

A Cabinet Paper noted this moved was approved so that the proposed company is eligible of collecting funds required by itself for the construction of the expressways enabling to collect the income generated from the charges from those using the expressways as well as the income generated from other income-generating means related to the expressways.

It sad the national policy framework of "The Vistas of Prosperity and Splendour" clearly recognizes the vitality of the existence of an interconnected highway network as a major factor for economic development strategies.

Therefore, the rural by-ways project covering 100,000-kilo meters is being implemented while the Government has priority to complete the construction work of the central expressway, inauguration of Ruwanpura expressway construction work as well as completion of construction activities of the Kelaniya to Athurugiriya expressway that totally runs on columns.

It is apparent approximately 0.5% - 01% of the gross domestic product should be allocated for the financing of the expressways already under construction and scheduled to be constructed, said the document released by the Department of Government Information.

Therefore, the Cabinet of Ministers approved the resolution forwarded by the Prime Minister as the Minister of Finance.