China Merchants Group has entered into an agreement to build a US$1 billion expressway in Sri Lanka, Xinhua news agency reported Wednesday, citing a Sri Lankan official. The expressway, said to be the largest highway project embarked upon by the Sri Lankan government to date, will link the former war torn north through the tourist hot spot of Kandy to capital Colombo. Construction of the first phase of about 48 km is expected to begin in August and will be done under the Build Own Transfer (BOT) system, Sri Lankan Highways Ministry Secretary Ranjith Premasiri was quoted as saying. “The feasibility study has been completed and a Memorandum of Understanding has been signed with the company. We are discussing details of tax holidays and land allocation presently,” he said.
– Contatct HKEJ at [email protected]