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The Land Reclamation Department will float a joint venture with Canada’s Info Consultants to raise money to develop the local canal network. The Canadian consultancy firm recently completed a feasibility study and technical evaluation of the local canal system for its potential as a transport route, to ease traffic in Colombo and the suburbs.
Sources close to the project were unable to say how much the project will cost, but confirmed that the joint venture will go on a road show later this year to raise money to restore the canal network and to develop land around the water way for recreation and commercial development.
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The Canadian Government funded the initial studies and are expected to pitch in for the next phase also.
The balance will be bridged from local and foreign donors.
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The canal development will also have a positive spin-off on the tourism industry if marketed properly.
The concept of floating markets, restaurants and city tours make Colombo very attractive for to