The Cabinet of Ministers at its meeting on Monday approved to re-introduce the National Agency for Public-Private Partnership (NAPPP), which was discontinued about two years ago.
This was also an immediate response to the interim Budget proposal announced last week, where the Government allocated Rs. 250 million for the implementation of the agency.
The key objectives of the agency are to identify the difficulties and complexities faced by investors in the process of investing in Sri Lanka, propose solutions to boost investments, and take necessary steps to implement these PPP projects within a set timeline.
The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation, and National Policies Minister was approved by the Cabinet of Ministers.
The NAPPP was first set up via a proposal made by the late Finance Minister Mangala Samaraweera.
Before the NAPPP was disbanded by former President Gotabaya Rajapaksa-led administration, it operated as a unit of the Finance Ministry with World Bank assistance. Before its disbandment, the World Bank committed a sum of $ 25 million to the agency.