Feb 16, 2008 (LBO) – Sri Lanka’s State Engineering Corporation (SEC)
has clinched a deal to build a $125mn luxury housing project in Qatar,
construction minister Rajitha Senaratne said. . SEC will send 1,600 workers to Qatar to build the 345 urban villas and
also ship locally made inputs like wall and floor tiles, electrical
wiring and switches.
The project will generate foreign exchange through profits, payment
for inputs and worker remittances.
The SEC, a government-owned firm, will handle the entire management of
the two-year project, Senaratne told a news conference Friday.
The Sri Lankan government has to provide a 5.2 billion rupee guarantee
for the project and the foreign client will provide a 20 percent
advance bond at the beginning, Senaratne says.
A five percent performance bond by the SEC is also required for the project.
Senaratne said the SEC workers would be paid the standard Qatar wage rates and their remittances would help increase the island’s foreign exchange earnings.
The island depends heavily on remittances of workers, mainly
housemaids, and now increasingly construction workers, for foreign
As a means