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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Monorail project: proposals to be presented to Cabinet - See more at: http://www.dailymirror.lk/108935/Monorail-project-proposals-to-be-presented-to-Cabinet

Monorail project: proposals to be presented to Cabinet - See more at: http://www.dailymirror.lk/108935/Monorail-project-proposals-to-be-presented-to-Cabinet

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fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics

The monorail project between Colombo and Malabe is back on track with the Ministry of Megapolis and Ministry of Transport finalizing the proposal that is to be presented to Cabinet. Megapolis Authority Director General Lakshman Jayasekara said the proposal was signed by both Ministers and was to be presented to Cabinet soon. “Once approval is received we can start construction within nine months and complete the project within three years,” he said. When the Daily Mirror inquired into the project previously, during the 100-day programme, the Transport Ministry said the project was most likely to be scrapped. Transport Minister at the time Ranjith Madduma Bandara said the project was “too expensive” and that the ministry was considering an electric train service. The project which was to be funded initially by the Japan International Cooperation Agency (JICA). The project was aimed to combat the increasing traffic flow in the city and the urban area. Previous reports stated that USD 55-57 million as the estimated cost per km for the monorail project. Previous media reports stated the rail track would be initiated from Malabe, Talahena, Robert Gunawardena Mawatha, National Hospital, Union Place, World Trade Centre, Colombo Fort and end at Kotahena. In an analysis, JICA said that poor public transportation and road network and the increasing number of vehicles that enter the city were the main cause for rising traffic congestion - See more at: http://www.dailymirror.lk/108935/Monorail-project-proposals-to-be-presented-to-Cabinet#sthash.y4WZyVK8.dpuf

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