The Cabinet of Ministers has approved a proposal put forward by Prime Minister Mahinda Rajapaksa for the establishment of the Expressway Investment Company, directly under the Secretary to the Treasury, and to place all expressways under this entity.
The government says that the national policy framework of “The Vistas of Prosperity and Splendour” clearly recognizes 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 kilometers is being implemented while the Government being given the priority to complete the construction work of the central expressway, 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 is apparent that approximately 0.5% – 1% of the gross domestic product should be allocated for the financing of the expressways already under construction and scheduled to be constructed, the statement said.
“Therefore, Cabinet of Ministers has granted their consent for the resolution forwarded by the Prime Minister as the Minister of Finance for the incorporation of a company solely owned by the Secretary to the Treasury with all the expressways being taken under the particular Company so that the proposed company is eligible of collecting funds required by itself for the construction of the expressways enabling to collect the income generated from the charges from those using the expressways as well as the income generated from other income generating means related to the expressways.”