Sri Lanka’s President opens first phase of Rs. 5.28 billion flyover in Colombo
Daily FT: President Ranil Wickremesinghe has inaugurated the flyover spanning the railway line linking Kompagngna Veediya with Justice Akbar Mawatha and Uttarananda Mawatha.
The rest of the construction work of this project is planned to be completed by the month of September, and the estimated amount for the entire project is Rs. 5.28 billion.
The President’s Media Division said it has been observed that nearly three hours of time is wasted daily due to the railway crossing located in Kompagngna Veediya area, which is a very busy commercial city with various institutions including Government offices, hospitals, religious places, restaurants and movie theatres.
In order to avoid the delay, the construction work of this project, which is implemented by the Road Development Authority, is being carried out by Maga Engineering Company.
OSL take:
Along with Sri Lanka’s target of becoming a regional hub, the country is refocused on moving ahead with the country’s development agenda. While there have been issues due to funding blocks until the finalization of Sri Lanka’s debt restructuring programme. Nevertheless, the Sri Lankan government is committed to continuing with some projects under the development programme until the large scale projects recommence once the funding from the multilateral financial institutions are directed to the country once again. However, Sri Lanka already has a host of pledged funding for large scale development programmes covering key economic sectors in the country. Therefore, Sri Lanka’s development programme has presented a host of new business/investment opportunities for foreign businesses/investors. With Sri Lanka on the path to becoming an emerging business destination in the South Asian region, the country’s development programme is also bound to see a two fold increase in order to ensure Sri Lanka was on par with the requirements of a growing regional hub. Sri Lanka’s growing business potential therefore could be explored by foreign businesses/investors.