Deputy Minister of Transport Prasanna Gunasena said the stalled Getambe Flyover project in Kandy will be completed using local funds, following Cabinet approval to proceed without foreign loans.
Construction of the project originally commenced on August 16, 2021, under a Hungarian loan facility. However, work was halted midway after the loan was cancelled on May 14, 2022. The contract for the project had been signed earlier on June 20, 2019.
The deputy minister said Cabinet has since approved the continuation of construction using Sri Lankan funds, sourced from public revenue.
Due to the suspension of construction, an additional claim amounting to EUR 3,986,899.88 is required to be paid. At the time construction began, the estimated cost of the project was EUR 53 million. As a result of the additional claim, the revised total estimated cost now stands at EUR 55,986,899.88.
After deducting payments already made, the estimated cost required to recommence and complete the project is EUR 40,543,161.97, the deputy minister said.
He said the decision to proceed without external borrowing was taken to ensure the completion of the long-delayed project while reducing reliance on foreign loans. (Newswire)