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Friday, 3 February 2012 01:46 - - {{hitsCtrl.values.hits}}
By Uditha Jayasinghe
The Cabinet has approved a US$ 213 million loan from the World Bank to upgrade the greater Colombo area.
Acting Cabinet Spokesman Lakshman Yapa Abeywardana told the media that the proposal was made by President Mahinda Rajapaksa as Finance Minister to conduct negotiations with the International Bank for Reconstruction and Development of the World Bank to obtain financial assistance.
The programme, titled Metro Colombo Development Project, is designed to reduce flooding in the greater metropolitan area of the capital city and improve the overall capacity of land use and economic activities in the region.
“The project will be under the Defence Ministry and will be used for other plans by the institution as well. It is expected to begin in April this year and be completed within three years,” Abeywardana said.
The overall Colombo project includes renovation work of the Old Marketing Department Building at Colombo Fort, development of the Race Course Grounds and Bloomfield Grounds, refurbishment of the Central Super Market, Pettah (former fish market), relocation of the Manning Market to Peliyagoda and redevelopment of the existing Manning Market premises for the expansion of the bus stand and to accommodate the informal sector within a Commercial Complex area.
This was already approved by an earlier Cabinet paper.
The construction work of these projects will be entrusted to the Engineering Services Divisions of the Sri Lanka Army, Navy and Air Force so that the cost of construction could be kept to a minimum.
Under the master plan for Colombo City development prepared by the Urban Development Authority, development of Independence Square, refurbishment of the Old Dutch Hospital building at Colombo Fort, conservation of Fort areas, including Beira lake and its surroundings, development of the Pettah Bus Terminal and reserving commercial areas for pavement hawkers have been completed.
