Japan pledges US$ 75 Mn to begin 11 stalled projects

The Japanese government will pledge US$ 75 million within the next three to four weeks to restart all the 11 stalled development projects including the stage two of the Bandaranaike International Airport expansion project in Sri Lanka said the Japanese Ambassador to Sri Lanka, Mizukoshi Hideaki, at a special press conference at the Finance Ministry yesterday.

The Ambassador said that with this pledge Japan became the first country to restart the stalled development projects after the country called for a self default and later successfully managed the debt restructuring process.

He said that US$ 75 million financial disbursements would be followed up by a further US$ 1.1 billion in the next four to five years to complete these projects. The country has already invested around US$ 2.3 billion for the 11 stalled projects so far.

The 11 projects include the BIA expansion, Extra Terrestrial TV installations, Kalu Ganga Water project, health and medical infrastructure enhancing schemes, water and sanitation projects and also power transmission upgrading projects. Asked if they would continue with the Sri Lankan government cancelled Light Railway project he said no decision to this effect has been taken as yet.

Treasury Secretary Mahinda Siriwardane thanked Japan and JAICA for coming out first and restarting the stalled projects which will so sent a positive vibe to other countries to follow and a thumbs up signal for investors.

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