Cabinet approves State run Expressway Investment Company
The Cabinet of Ministers approved a proposal made by Prime Minister Mahinda Rajapaksa as the Finance Minister to set up a state-run Expressway Investment Company to own and self-finance expressways.
Co-cabinet Spokesman Mass Media Minister Keheliya Rambukwella told the media at the Government Information Department to inform the decisions taken at this week’s Cabinet meeting that the proposed company will be solely owned by the Treasury Secretary.
The national policy framework of “The Vistas of Prosperity and Splendour” clearly recognises the vitality of the existence of an inter - connected highway network as a major factor for economic development strategies. Therefore, the rural by-ways project covering 100,000 kms is being implemented while the Government has given priority to complete the construction work of the central expressway, the 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 has been found that about 0.5% to 1% of the GDP will have to be invested through the Budget to finance the proposed highways and the highways currently under construction.