May 03, 2012 (LBO) – Sri Lanka is planning to firm up private finance for a 1.5 billion US dollar expressway within two months, as the country seeks to connect the north and east to the capital Colombo, Treasury Secretary P B Jayasundera said. “Inquiries are very much active on the now recognized Northern Expressway from Colombo which will connect Kandy, Kurunegala and taking the traffic to Trincomalee and the North,” Jayasundera told reporters earlier this week.
“We are looking for private investment proposals. There are three serious proposals.”
According to earlier reports investors from Korea, China and Malaysia have expressed interest in building the Colombo to Kandy track as a toll road. The ‘Northern Expressway’ however is a larger project.
“Hopefully within the next two months we will start looking at them and start evaluating to see how an expressway project can be worked out,” Jayasundera said. “And that’s about a billion and a half project.”
In September last year Malaysia’s Construction Industry Development Board said that it has made a proposal to Sri Lanka’s government involving multiple investors, reviving an original proposal made in 2003.
Cost estimates for the Colombo-Kandy section, which will be 98