Sri Lankan government launches US$ 2.2billion Japanese-funded Light Railway Transit project
The Government of Sri Lanka has yesterday launched the US$ 2.2 billion Japanese-funded Light Railway Transit (LRT) project, which is expected to be one of the key ventures initiated by the state to modernize Sri Lanka.
Sri Lanka’s Prime Minister Ranil Wickremesinghe addressing the launch ceremony has said that the LRT project, together with the Colombo Port City and the elevated highway from the Kelaniya bridge, were examples of how the Government has worked to modernize Colombo.
“We are witnessing the birth of a new capital. Despite all the challenges faced by the Government, we have still managed to push Sri Lanka towards modernisation. A country cannot grow by staying in the same place or moving backwards. We have to modernise – not just in transport, but education, healthcare, housing and other infrastructure. That is how Sri Lanka has transformed itself into one of the fastest growing cities in South Asia,” Wickremesinghe has said.
The Prime Minister has further noted that modernisation was aimed at ensuring the marginalised and underprivileged also benefit from development projects.
“Under the LRT project, disabled people will find mobility easier. Lower time and costs spent on transport means there will be a greater benefit to the economy,” he has reportedly said.
Sri Lanka’s Megapolis and Western Development Minister Champika Ranawaka has noted that the LRT would only be one aspect of the modernization planned for Colombo.
He has stated that the Manning Market would be moved out of Fort, and the railway and bus stations would be amalgamated into one multi-model transport hub next year.
“This corridor is set to be one of the fastest growing pieces of real estate in Colombo. Already since the project was announced, land prices in Malabe and surrounding areas have increased by 129%. In that sense, this project has already brought results to the people,” the Minister has noted.
“This is one of the largest projects undertaken by the Government. The second and third phases from Malabe to Kaduwela and Malabe to Kottawa, respectively, will cost much less as we have already invested in the main infrastructure, including the depot facilities. This will have the most comfortable, safe, affordable, and passenger-friendly features in addition to park and ride facilities for selected stations and shopping malls to meet the daily needs of commuters.”
According to reports, the LRT is expected to reduce travel time between Malabe and Fort to just 30 minutes with 16 stations along the way and during peak hours, the trains will pass a station every three minutes, and limited stop trains are expected to be introduced during off-peak hours that will reduce the time to 28 minutes.
The local media has stated that the project includes a LRT hub in Malabe with plans already underway to extend it to Athurugiriya or Kottawa.
OSL take:
The launch of the LRT project, which is a large scale project aimed at modernizing Sri Lanka’s commercial capital, Colombo, gives a clear indication on the country’s development agenda. Given Sri Lanka’s development programme, the country is now a hotbed for foreign business/investment opportunities, especially in realtion to the development of supplementary infrastructure facilities. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka’s development programme. Also, the modernization programme undertaken by Sri Lanka will make it an attractive business destination in the Indian Ocean region. Sri Lanka has meanwhile recorded a continuous improvement in the ease of doing business environment in the country.
| Article Code : | VBS/AT/04072019/Z_5 |