Government initiates crucial development projects, attracts international investment interest

March 07, Colombo (LNW): State Minister for Urban Development and Housing, Arundika Fernando, announced the commencement of significant development endeavors during a press briefing at the Presidential Media Centre yesterday (06), under the theme ‘Collective Path to a Stable Country.’

Addressing the nation, State Minister Fernando underscored the government’s proactive response to the economic crisis, which had previously impeded development projects.

As the economy exhibits signs of improvement, essential development initiatives have been initiated to address pressing needs and catalyse growth.

Key highlights of the minister’s address include:

• Launching a housing project comprising 2000 units in Colombo and its suburbs, with support from Chinese aid, aimed at addressing housing shortages.
• Facilitating the issuance of deeds to residents of flats to ensure proper documentation and ownership rights.
• Progressing with the “Kandukara Dashakaya” Development Project, focusing on rural development.
• Commencing coastal and low-lying land development activities to facilitate regional-level development projects across the island.
• Readying the Colombo Hilton Hotel for private sector investment, with interest already expressed by four businessmen. Emphasis is placed on securing expected financial investment for project success.
• Advancing the Hyatt Hotel project, seeking an investor for its completion, and proposing development opportunities along DR Wijewardene Mawatha.
• Successfully concluding preliminary work for the Japanese project aimed at cleaning the Beira Lake in Colombo, with commencement slated for next month.
• Implementing a comprehensive flood control programme for Colombo city to mitigate flood risks and protect infrastructure, pending necessary financial allocation.
• Noteworthy interest from countries like India, China, and various Western nations reflects growing confidence in investing in Sri Lanka, signaling promising opportunities for economic growth and development.