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Fri, 19 September 2014 00:40:20
Sri Lanka construction industry in talks with Indian infrastructure fund
10 Sep, 2010 13:24:06
Sept 10, 2010 (LBO) - Sri Lanka's construction industry is in talks with a top Indian infrastructure finance company on setting up a fund to support the island's post-war construction activity, an official said.
Surath Wickramasinghe, president of the Chamber of Construction Industry, said the Infrastructure Development Finance Company, top Indian infrastructure finance player, had submitted a proposal which they want to discuss with government.

"We have drawn the attention of the secretary to the finance ministry on the need to set up an infrastructure development fund," he told the opening of 'Excon 2010', the CCI's annual international construction trade fair and exhibition.

The exhibition draws both local and foreign participants involved in the construction industry and this year will also focus on reconstruction activity in the north and east which recovering from a 30-year war which ended in May 2009.

"The infrastructure development fund has been discussed for several years," Wickramasinghe said.

"The CCI has now made contact with India's IDFC. They have given us proposal and we've asked for a meeting with the secretary to the finance ministry to see how we can go further on this."

Wickramasinghe said the Infrastructure Development Finance Company had supported the rapid development of 'mega' cities in India and similar funding was needed for post-war reconstruction and modernisation in Sri Lanka.

Sri Lankan companies lack the funding to support big construction projects and is seeking overseas finance, industry officials said.
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