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Chinese firm halts Sri Lanka port city project
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A Chinese company engaged in the US$1.4 billion port city project in Sri Lanka has obeyed the island country’s government order to suspend work despite losing US$380,000 per day, according to a company statement yesterday.
China Communications Construction Co’s subsidiary China Harbour Engineering Co is creating a new island off Colombo’s harbor, which was started during former President Mahinda Rajapaksa’s decade in power.
“As a result of this suspension, CCCC estimates an initial direct loss for the company of over US$380,000 per day. Furthermore, the interest on the financial loan obtained by the company for the development of the project is being paid, regardless of the ongoing suspension,” the company said in a statement.
More than 200 meters of the breakwater constructed so far has been damaged due to the suspension because the company is unable to take measures to protect the reclaimed land, according to the company.
The reconstruction of this damaged land area will be an additional cost the company will have to incur if and when the project commences again.
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