Sri Lankan government expects boost in economic activity through light rail transit project
Sri Lanka’s Megapolis and Western Development Minister Champika Ranawaka has stated that the US$ 2.2 billion light rail transit (LRT) project that was launched in the country’s commercial capital, Colombo, will ease congestion and boost economic activity.
“We cannot continue to promote private transport, there is traffic congestion and negative fallouts,” Ranawaka has said at the official launch ceremony of the LRT project.
“Already we are seeing the benefits from this project. Land prices in areas like Battaramulla have doubled due to the confidence placed in the project.”
The Minister has noted that the people who are losing land due to the project will be fairly compensated.
According to Ranwawaka, projects in Sri Lanka take a long time, sometimes even decades to plan and execute.
The US$ 2.2 billion project, which will be the first line of an LRT system criss-crossing Colombo is
being financed by Japan with a US$ 2.2 billion loan.
OSL take:
Once completed the LRT project would definitely boost economic activities in Colombo and it’s suburbs. Given the aggressive development programme launched by the government of Sri Lanka and the simultaneous modernisation of the country’s commercial capital, Colombo would make Sri Lanka a highly competitive business/investment destination in the Indian Ocean region. The many trade agreements as well as trade concessions enjoyed by Sri Lanka will also add to the attractions.
| Article Code : | VBS/AT/05072019/Z_3 |