May 24, 2018 (LBO) – The cabinet has approved to construct public buildings under the Build, Own and Transfer (BOT) system by the private sector, a statement said.
“The construction and maintenance of large public buildings including schools, universities, hospitals and vocational training centres require substantial public funds,” the cabinet office said in a statement.
“…..if these projects are given to the private sector to construct and maintain through a Public-Private Partnership (PPP) process, the Government would find it much easier to manage its capital expenditure.”
The proposal was put forward by Prime Minister Ranil Wickremesinghe as the National Policies and Economic Affairs Minister.
Under the proposed PPP scheme the private investors will put up buildings on state lands and maintaining them for a fee for 15 to 20 years, the statement added.
The buildings will then be transferred to the state at the end of the concession period.