Investors raise US$ 650m in Srilanka

The construction of the much awaited and long due Express train link from Fort to Colombo International Airport and other related development work for the project will commence by end of 2012.

The feasibility study of the project conducted by the KPMG of India has now being completed and the investor consortium had also managed to raise US $ 650 million for the project also under lining the global investor confidence for a novel project of this nature for Sri Lanka. Chairman, Airport Express Air and Rail Company Limited, Dr. Praimmalan Rajo Isa Michael said that they have found investors as well as suppliers for the project.

He said that it was easy to market this project, as the would be international investors are following the massive post war development in Sri Lanka and are confident that this project would be a success.” He said that this has prompted the company to look at similar express train projects in other SAARC countries which do not have a ‘speed train’ link of this nature.

He said that this is a viable investment since it is backed by hotels, shopping malls and other entertainment projects. The proposed Lotus station in the Fort would be a first in the SAARC region, providing all entertainment facilities, attracting a transit passenger to visit to Fort and enjoy these luxuries before catching the flight.

The Lotus Terminal site will comprise an architecturally modern and versatile 32-storey tower, which would function as a city centre for the local or foreign business person, who would be spending a few days in the capital city. Dr. Michael said, the next they would take is the proposal for the Board of Investment approval and construction would start by next September.

“We hope to complete the project in less than three years,” he said. The track would be constructed parallel to the main Expressway along the 30-metre reservation area, a distance of 30 kilometers, the journey would take less than 20 minutes. The train would have special seating with adequate space to store luggage. It would also have special seating for disabled passengers.