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The Board of Investment is trying to spin off its infrastructure procurement arm – the Bureau of Infrastructure Investment (BII) for easier administration.
The BII – essentially a procurement agency for large state projects, is currently run by the state’s investment promotion agency, the BOI, which says procurement is not central to its core function.
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The Board of Investment has approached the Public Enterprise Reform Commission (PERC) to take it over, also easing administration costs.
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The deal is likely to go through.
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“The BOI has had a dialogue with PERC to transfer the legal entity to either stay as the BII or a similar agency under PERC. They have not officially agreed but it will probably happen,” Saliya Wickramasuriya, Director General of the Board of Investment told LBO on Tuesday.
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“The BII is currently a legal shell for us at the moment.
It has a role in the government’s procurement process and I would rather it go in with an agency that is involved in procurement and similar fun