Chinese Investment

Work on the Chinese financed US$ 900 million project to develop a 575 acre port city in Colombo is scheduled to commence in October. 

Colombo Port City project to commence work in October

The Colombo Port City project will commence its work in October this year.

Addressing a media briefing in Colombo yesterday, Ports and Highways Deputy Minister Rohitha Abegunawardene said the estimated cost for the projects is US$ 900 million whilst the initial infrastructure will be completed within 39 months.

Under a presidential directive, the Port city is to be constructed between the Southern edge of the new Colombo South Port and the Fort Lighthouse. The total area of sea to be reclaimed is 575 acres. The Deputy Minister further said that plans are underway to develop a port city in Colombo with modern facilities.

The proposed offshore city, to be divided into three segments- business, residential and leisure, will be developed into a modern city with high rises, hotels, residential apartments, shopping malls, and other space to cater to public needs.

He said that a Chinese investor has pledged to carry out the construction of the project.

“This government has implemented many innovative projects to strengthen the national economy. The Colombo port city is also one of them,” he added.

Project:

Cost – US$ 900 m
Location- Between new Colombo South Port and Fort Lighthouse
Sea area to be reclaimed- 575 acres

Built with Chinese investment

 

Source: Daily News