Ministry to settle outstanding Rs. 1,989.75 mn to contractors by end of December



Urban Development and Housing Minister Prasanna Ranatunga said that a proposal to establish a separate development bank for the construction industry has been submitted to the Treasury.

The Minister said that based on the feedback received, the new bank will be established.

Meanwhile, Minister Ranatunga said that the amount of Rs. 1,989.75 million which the Ministry was not able to pay to contractors will be paid before the end of this month. The Ministry was unable to pay this money due to the Covid pidemic and the economic crisis.

The Minister said that with the payment of that amount, all the unpaid bills of the Urban Development and Housing Ministry due to the Covid pidemic will be fully paid.

In addition, the Minister also said that the amount of Rs. 1,112.57 million to be paid to the construction contractors for the development work done during this year is also planned to be fully paid before the end of this year.



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