Press briefing of Cabinet Decision taken on 2010-12-29

Establishment of a Trust to manage the Urban Development Fund

- the strategic aim of the new urban development programme is to transform major townships in Sri Lanka to suit the emerging middle income status of the country and provide greater linkages to the rest of the country to maximize the development benefits of the Urban Rural Integration. In this regard, as announced in the 2011 budget, an Urban Development Fund has been established to finance relocation and redevelopment expenditure of new urban townships. Cabinet approval was granted to create a trust to manage the Urban Development Fund and to authorize the Secretary to the Treasury to appoint the Trustees and to execute the related Trust Deed.