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A sustainable financing mechanism for urban rail projects: case study in Colombo, Sri Lanka

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dc.contributor.author Somawardhana, SA
dc.contributor.author Devasurendra, KW
dc.contributor.editor Pasindu, HR
dc.date.accessioned 2022-06-04T08:24:43Z
dc.date.available 2022-06-04T08:24:43Z
dc.date.issued 2016-08
dc.identifier.citation Somawardhana, S.A., & Devasurendra, K.W. (2016). A sustainable financing mechanism for urban rail projects: case study in Colombo, Sri Lanka [Abstract]. In H.R. Pasindu (Ed.), Proceedings of the Transportation Research Forum 2016 (pp. 33-34). Department of Civil Engineering, University of Moratuwa. https://uom.lk/sites/default/files/civil/files/TRFAbstract%202016_0.pdf en_US
dc.identifier.uri http://dl.lib.uom.lk/handle/123/18121
dc.description.abstract The existing transportation infrastructure in Sri Lanka is heavily auto-centric. However, given the high rate of depletion of global fossil fuel resources, as well as the limited land area available for expansion of roads in Sri Lanka, continued auto dependency is no longer viable as a basis for the country‟s long-term transportation strategy. Therefore, the Western Region Megapolis Planning Project plans to introduce a Light Rail Transit (LRT) System in Colombo and its suburbs, in order to reduce dependency on fossil fuels and combat the issue of traffic congestion. An effective financing mechanism is one of the key factors crucial to the success of a railway infrastructure project. Hence, this study sought to propose a viable financing mechanism for the proposed Light Rail System in Sri Lanka, by assessing methods of financing for railway infrastructure utilized in other countries, including the UK, the USA, France, HongKong, India, and Singapore. The methods studied include tax increment financing, the rail-property development model, hypothecated taxes-and congestion pricing, as well as various combinations of these methods. Ten case studies were selected from various countries. These case studies were assessed on the following factors, in terms of their similarity to the existing situation in Sri Lanka; volatility of the project environment, strength of political support for the project, existing legal framework for taxation and land acquisition, and level of integration between government planning bodies. Next, the projects were assessed based on the funding mechanism utilized in the project, against the following aspects; allocation of risk, effectiveness of project planning-and organizing for operations. The findings indicate that a combination of hypocenated taxes and the rail-property development model could be adapted in the Sri Lankan context to ensure the continued viability of the proposed LRT system. en_US
dc.language.iso en en_US
dc.publisher Department of Civil Engineering, University of Moratuwa. en_US
dc.relation.uri https://uom.lk/civil/divisions/transportation/trf/past-proceedings en_US
dc.subject Light rail en_US
dc.subject Financing en_US
dc.subject Sustainable en_US
dc.title A sustainable financing mechanism for urban rail projects: case study in Colombo, Sri Lanka en_US
dc.type Conference-Abstract en_US
dc.identifier.faculty Engineering en_US
dc.identifier.department Department of Civil Engineering en_US
dc.identifier.year 2016 en_US
dc.identifier.conference Transport Research Forum 2016 en_US
dc.identifier.place Katubedda en_US
dc.identifier.pgnos pp. 33-34 en_US
dc.identifier.proceeding Proceedings of the Transport Research Forum 2016 en_US
dc.identifier.email kaushanwd@gmail.com en_US
dc.identifier.email shavini1126@gmail.com en_US


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