Sri Lanka to allocate nearly $ 1 billion in 2026 for roads says Minister
The Peninsula: Sri Lanka plans to allocate nearly $ 1 billion in 2026 for road construction and the repair of roads damaged by floods and landslides caused by Cyclone Ditwah, a senior minister said on Saturday.
Transport, Highways and Urban Development Minister Bimal Rathnayake told journalists that about 486 million dollars have been allocated for reconstructing damaged roads, while another 486 million dollars will be used for new road construction.
He said that 99 per cent of the damaged roads had been rebuilt within about a month after Cyclone Ditwah struck Sri Lanka.
The Minister also said the Sri Lankan Government will begin compensating people whose houses were fully or partially damaged by the cyclone starting this month, adding that each household whose homes were completely destroyed will be allocated Rs. 5 million to 10 million (about $ 32,313).
OSL take:
While Sri Lanka’s development programme has presented many business/investment opportunities, these opportunities have been further expanded by the devastation caused by Cyclone Ditwah last November. The damage caused by the cyclone, especially to roads and railroads, has affected internal connectivity in the country. Amidst increasing economic activities and the need for strong internal connectivity, the need to develop and expand the country’s road network is a priority for Sri Lankan authorities. While there are funds available and pledged by bilateral and multilateral donors for the development of some key road networks, there are many business/investment opportunities in in the road development sector from the clearing of lands to technical and technological expertise to construction of the roadways. Given that Sri Lanka is on a steady path to becoming a regional hub, the development of infrastructure and supplementary infrastructure present many lucrative business ventures for foreign businesses/investors on the lookout for such in Sri Lanka.
| Article Code : | VBS/AT/20260108/Z_1 |