Aging Fleet

June 17, 2011 (LBO) - Sri Lanka's government plans to arrange low-cost leases for private operators to help them replace aging fleets of buses with new ones, private transport services minister C B Ratnayake said. A large number of buses plying on the island's roads were 15-20 years old and should be removed, he told a transport forum.

The authorities had held talks with People's Leasing Company, a large state-owned firm, on arranging leases at concessional interest rates to buy buses.

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Ratnayake said they are also to hold talks with the central bank which regulates the financial sector.

A national transport policy drawn up in 2009 is also to be updated taking into consideration new developments like the construction of a network of expressways across the island, Ratnayake also said.