Speed thrills; cost kills

10 Apr 2011 - {{hitsCtrl.values.hits}}

Many an eyebrow has been raised as to how the estimated cost for the Colombo-Katunayake expressway increased by from Rs. 9 billion to Rs.32 billion within a span of few years.

According to information placed before Parliament last week, the cost had initially been estimated at Rs.9, 516 million when the project was launched in 2000.

However, the project was terminated in 2003 under the previous UNP government. During this three year period, Rs.5, 444 million had been spent as initial costs for various matters such as the acquisition of roads.

The contract had earlier been given to Daewoo-Keangnam Joint Venture of South Korea.

Meanwhile, the project was re-launched on August 18, 2009 at a new estimated cost of Rs. 32,120 million (US $ 292 million). The contract has been given this time to China Metallurigal Group Corporation of Republic of China. (By Kelum Bandara)

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Speed thrills; cost kills

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