IANS | 21 Mar, 2012
A private company said Wednesday that it has kicked off Sri Lanka's first metro railway project that is estimated to cost $600 million.
Airport Express Air and Rail Company hopes to connect the country's only international airport with the centre of the capital through a metro railway that will reduce the present travel time of around two hours to only 25 minutes, reported Xinhua in Colombo.
Company chairman Parimalan Rajo Isa Michael said that funds will be raised by selling stakes of the company's equity to overseas companies.
"Right now the economic situation is such that foreigners are confident to put money into the country. We are confident that we will be able to raise the required capital," he said.
The 30 km track will have a train with a capacity to carry 400 passengers. The venture is expected to give a boost to the booming tourism industry in Sri Lanka, which grew by 30.1 percent in 2011.
