Former BOI Chairman Thilan Wijesinghe to head the new body:
Wide range of legal, financial and administrative authority:
A high-powered ‘National Agency for Public Private Partnership’ was appointed to fast-track Sri Lanka’s economic development agenda, yesterday.
The Cabinet granted approval to appoint former BOI Chairman and business professional Thilan Wijesinghe as the head of the new agency.
The Cabinet paper with regard to the establishment of the new agency was jointly submitted by Finance and Media Minister Mangala Samaraweera and Development Strategies and International Trade Minister Malik Samarawickrema. The new agency will replace the division which operated under the Finance Ministry to handle certain areas with regard to Public Private Partnerships (PPP).
At the weekly Cabinet meeting on Tuesday, the Cabinet members observed that a division of a ministry was inadequate to carry out the functions of promoting and executing projects based on PPPs, as it had only limited authority.
Under the new arrangement, PPP agreements will be carried out by this national agency with adequate legal, administrative and financial authority. It will also have additional powers to identify suitable projects based on feasibility studies and maintain a ‘project pipeline’ in consultation with government ministries.
According to the Cabinet decision on Tuesday, the board of directors of the new agency will consist of seven professionals with vast experience in the public and private sectors. The cabinet also decided to allocate Rs. 100 million from the Treasury to meet initial expenses when setting up the agency.