ECONOMYNEXT – Indebted Sri Lanka needs to ascertain an bold sports activities college by 2024 with an estimated price of $1 billion, Minister of State for Sports activities Rohana Dissanayake stated.
Sri Lanka’s financial disaster pressured the nation into chapter 11 in April final 12 months and the island has since suspended repayments on its industrial and bilateral money owed.
The island nation is in talks with its exterior debtors to restructure previous loans earlier than beginning repayments.
Nevertheless, the Minister of State for Sports activities stated that some overseas firms have mentioned the Sports activities College.
“A number of overseas firms have spoken to us about Sports activities College. The estimated price is US$1 billion (335 billion Sri Lankan rupees) to implement all of the deliberate programs. We count on to supply a broader sports activities science course,” Dissanayake advised reporters at a media briefing on Friday with out elaborating on the names of overseas buyers.
“We now have knowledgeable the president about this proposal and we consider that the president will launch a part of the finances from the treasury for this objective.”
Sri Lanka has achieved higher performances solely in sure sports activities. It has received two Olympic medals in athletics, whereas it has achieved 24 Commonwealth medals in weightlifting, boxing, athletics, taking pictures and wrestling. In workforce video games, it has received the 50-win Cricket World Cup in 1996 and the T20 in 2014.
President Ranil Wickremesinghe, who can also be the nation’s finance minister, is strolling a tightrope over funds and has allotted solely R125 million for sports activities gear by 2024.
“If we do not obtain that, we nonetheless count on to have the ability to set up and preserve this as a personal sports activities college,” Dissanayake stated.
“There could also be plenty of accusations and ideas as we attempt to implement this. However the goal of my Sports activities Minister Roshan Ranasinghe is to ascertain this sports activities college by 2024 and supply alternatives not solely to Sri Lankans but in addition to South Asian athletes. This is also an earnings producing challenge.”
“We count on each sovereign wealth funds and personal sector financing to do that.”
Sri Lanka went forward with large infrastructure initiatives with borrowed cash beneath former President Mahinda Rajapaksa. Later, the island nation struggled to pay again as most of these infrastructure initiatives did not generate ample returns on investments.
Former Sports activities Minister Namal Rajapaksa mooted the concept of a globally accepted sports activities college thought when he was in energy in 2020, nevertheless it didn’t materialize because of lack of funding and the Covid outbreak. (Colombo/November 11, 2023)
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