The Cabinet of Ministers has approved a proposal to set up an Expressway Investment Company, a fully state-owned entity under the Treasury to own and self-finance the ongoing and future expressway projects with revenues generated from toll collections and possible revenue streams by leasing valuable land parcels surrounding the highways.

The government estimates a funding requirement of 0.5 to 1 percent of gross domestic product (GDP) for expressways already under construction and scheduled to be constructed, according to the Department of Government Information.

Prime Minister Mahinda Rajapaksha this week presented the relevant proposal to the Cabinet of Ministers in his capacity as the Minister of Finance.