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Colombo Port City Project Open for Investments

Published Dec 08, 2019
Updated Feb 06, 2020

Adding 269 hectares to the map of Sri Lanka, the Colombo Port City was officially declared part of Sri Lanka at a ceremony held under the patronage of Prime Minister Mahinda Rajapaksa.Chinese Ambassador to Sri Lanka Cheng Xueyuan and officials of the Chinese Embassy were also present on the occasion.

With the official declaration, the Colombo Port City Project was ceremonially opened to investors.Prime Minister Mahinda Rajapaksa, when he was President laid the foundation stone for the Colombo Port City on 17 September 2014 in the presence of Chinese President Xi Jinping.With a total investment of US $ 1.5 billion, it was planned to reclaim 233 hectares of sea area between Colombo Port and Galle Face.

 The Good Governance Government, which came to power in 2015, suspended the construction of the project and amended the original agreement. Accordingly, the reclaimed land area was increased to 269 hectares.The Good Governance Government signed an agreement to provide 116 hectares on a 99 year lease instead of the 20 hectares given to the Chinese company.

Accordingly, out of the 178 hectares of land that can be used for constructions, 116 hectares will be owned by the Chinese company on a lease and the 62 hectares by the government of Sri Lanka.A commemorative stamp and first day cover were issued on today’s occasion.The second phase of the Port City project will commence tomorrow. Under the second phase highways, electricity, water systems and common amenities will be constructed.Arrangements are in place to auction the land, which comes under the purview of the Urban Development Authority (UDA), for investment projects.

Xinhua reported The Colombo Port City is Sri Lanka’s largest Foreign Direct Investment project and is expected to attract billions of U.S. dollars of investments in the coming years.

 It will also create over 80,000 jobs and will transform Sri Lanka into a regional business and financial hub.