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Sri Lanka President urges equity driven infrastructure, two terminals at Colombo port

ECONOMYNEXT – Sri Lanka’s President Gotabaya Rajapaksa had urged fast tracking infrastructure including two container terminals at Colombo port, relying more on equity rather than debt, at a meeting of top officials on Monday, his office said.

President had met Sri Lanka’s Urban Development Authority, Road Development Authority, Board of Investments the Ports Authority and ministry officials.

“President said that with the resumption of civilian life it is necessary to accelerate the development activities which were interrupted due to the pandemic,” the President said.

“He emphasized the need to initiate new development activities by attracting investments instead of seeking foreign loans.”

“The President pointed to the necessity of upgrading of East and West Terminals of the Colombo Port immediately.

President Rajapaksa had also had talks on acquiring lands, and building houses for middle and high income families.

“President instructed the officials to resume all the large scale building construction and development work in the city of Colombo which have been discontinued due to various reasons, in consultation with relevant parties,” the statement said.

“During the discussion a decision was reached to expedite the work of the proposed road network connecting Colombo and other cities.

“It was proposed to use un-utilized lands on either side of the roads for eco-friendly cultivation activities.” (Colombo/May12/2020)