Work on Colombo-Katunayake tollway to be launched in May

Shirajiv SIRIMANE

HIGHWAY: The construction of the much awaited Colombo-Katunayake express highway would commence in May this year. The first phase would be completed in 24 months.

The construction would be undertaken by one of the world’s leading companies, Vinchi Construction of France which is an over 100-year-old company and has simpler on going projects in over 80 countries.

One of the unique features of this express highway is that it would be Sri Lanka’s first public road which charges a toll (fee). In addition it would also be one of the few projects which would be entirely funded through private financing.

Sources said that the total cost for the project would be US $ 200 million and the Sri Lankan Government would not have to pay a single cent until the construction is completed.

The finances would be from private enterprise banks in Malaysia, Belgium, Netherlands and France. The lead bank for the project would be Hong Kong Bank.

Sources said that the fact that the private banks are financing this project gives a clear indication that there is investor confidence in Sri Lanka.