High Altitude Training Centre will be a reality soon
View(s):Despites concerns over the financial viability of the proposed multi-billion rupee High Altitude Training Centre in Nuwara Eliya, the project could become a reality with work expects to begin by May this year–no sooner the financial agreement is signed by the two governments–French and Sri Lankan, Sports Ministry sources confirmed this week.
The project which will become Sri Lanka’s single biggest investment on sporting infra-structure, will have indoor and outdoor training facilities at an altitude of 1868m (5708 feet) but will cost country’s tax-payer a massive Rs. 12.9 billion (Euro 75.5 million).
Sports Minister Dayasiri Jayasekera this week confirmed that the proposal has received finance ministry approval and are awaiting legal opinions to finalise the contract. The project needs Cabinet approval before signing the financial agreement by the two governments.“We are in the process of finalising it. No sooner we get the legal opinion, I will seek cabinet approval to sign the financial agreements to start the project,” an optimistic minister told the Sunday Times.
According to a Cabinet Memorandum (MNPEA/2017/068) submitted by Minister of National Policies and Economic Affairs last year, Elipse Projects SAS was selected by the Ministry of Sports to implement the project under financial assistance from UKEF’s (United Kingdom Export Finance) and Hatton National Bank of Sri Lanka. They will obtain a buyer’s credit facility of up to Euro 51,576,006.15 from UKEF’s to cover approximately 70 per cent of the contract price of the project and the remaining balance from the state-run Bank of Ceylon.
Initially Hatton National Bank of Sri Lanka (HNB) was to provide the remaining balance Euro 23,952,694.76 to cover the contract value.The funders have offered a 13-year repayment period including a three-year grace period for repayment.
The training facility will have an indoor sports complex, indoor swimming pool, multi-sport ground, cricket ground, 400-metre synthetic running tracks, 400-metre grass track, two indoor tennis courts, administration block and medical centre, apartment block and a hotel with 75 room facility.
The Cabinet last year approved the transfer of an Urban Development Authority (UDA) land (1 acre, 1 rood and 23.69 perches) to the Ministry of Sports for the construction of the hotel. (1 acre, 1 rood and 23.69 perches) which will be used to generate income.
There have been questions regarding the economic feasibility of the project, spending a huge sum for a ‘fancy’ training centre and how would the administration generate returns on the heavy investment. However, according to the ministry of sports, the project is not a business venture but an investment to improve the general standard of sports.