ECONOMYNEXT – Indebted Sri Lanka desires to determine an formidable sports activities college by 2024 with an estimated value of $1 billion, Minister of State for Sports activities Rohana Dissanayake mentioned.
Sri Lanka’s financial disaster compelled the nation into chapter 11 in April final yr 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.
Nonetheless, the Minister of State for Sports activities mentioned that some international firms have mentioned the Sports activities College.
“A number of international firms have spoken to us about Sports activities College. The estimated value is US$1 billion (335 billion Sri Lankan rupees) to implement all of the deliberate programs. We anticipate to supply a broader sports activities science course,” Dissanayake instructed reporters at a media briefing on Friday with out elaborating on the names of international buyers.
“We have now knowledgeable the president about this proposal and we consider that the president will launch a part of the finances from the treasury for this goal.”
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 crew video games, it has received the 50-win Cricket World Cup in 1996 and the T20 in 2014.
President Ranil Wickremesinghe, who can be the nation’s finance minister, is strolling a tightrope over funds and has allotted solely R125 million for sports activities tools by 2024.
“If we do not obtain that, we nonetheless anticipate to have the ability to set up and keep this as a non-public sports activities college,” Dissanayake mentioned.
“There could also be a whole lot of accusations and solutions as we attempt to implement this. However the purpose of my Sports activities Minister Roshan Ranasinghe is to determine this sports activities college by 2024 and supply alternatives not solely to Sri Lankans but additionally to South Asian athletes. This may be an revenue producing mission.”
“We anticipate each sovereign wealth funds and personal sector financing to do that.”
Sri Lanka went forward with huge infrastructure tasks with borrowed cash below former President Mahinda Rajapaksa. Later, the island nation struggled to pay again as most of these infrastructure tasks didn’t generate adequate returns on investments.
Former Sports activities Minister Namal Rajapaksa mooted the thought of a globally accepted sports activities college concept when he was in energy in 2020, however it didn’t materialize attributable to lack of funding and the Covid outbreak. (Colombo/November 11, 2023)