News Today: $1.5 Billion Development Projects to Recommence in Jaffna and Beragala

A massive $1.5 billion mixed development project in Jaffna Lagoon and a $1 billion golf resort and theme park in Beragala are set to recommence under a non-corrupted government. Dr. Vasudevan Rasiah, a diaspora investor, shared this announcement during the Jaffna Trade Show launch.

The projects, previously abandoned due to corruption and bureaucratic inefficiencies, were originally intended to transform the region with high-end amenities like golf courses, luxury villas, and a yacht marina. The consortium, with investors from countries including the USA, Canada, the UK, Singapore, and Sri Lanka, had already spent $5 million on proposals, surveys, and preliminary costs before shelving the plans.

Dr. Rasiah attributed the collapse to corrupt politicians demanding commissions and red tape from certain Board of Investment (BOI) officials. However, he expressed optimism under the leadership of President Anura Kumara Dissanayake, as Parliament is now free from corrupt influences.

The Jaffna mixed development project will secure over 250 hectares of land along the Pannai Causeway on a long-term lease, promising to attract high-end global tourists. These projects aim to bring significant economic growth to Sri Lanka and boost investor confidence in the region.

This revival showcases the new government’s commitment to eradicating corruption and fostering a business-friendly environment.