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Sri Lanka nod for suspended China project
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THE Sri Lankan government yesterday officially informed the Chinese investors that the construction of the multi-billion dollar Port City project in Colombo could resume, one year after its suspension.
The Ministry of Ports and Shipping, in an official letter to the CHEC Port City Colombo (Pvt) Ltd, said the company could resume the building of the project immediately.
“At its meeting held on March 9, 2016, the Cabinet of Ministers has granted approval for the project to resume immediately,” the letter said.
“Accordingly the suspension effected by my letter dated March 6, 2015, is hereby withdrawn with effect from today (Monday).”
The US$1.4 billion project, which will be the first of its kind in South Asia, began construction adjacent to the Galle Face Green and near the Colombo Harbour in September 2014 under the previous government. However, it was suspended by the new government of President Maithripala Sirisena in March last year, six months after it began construction.
The Port City is set to boost the local economy by generating millions of dollars on its completion and create over 80,000 jobs.
The project has a marina and yacht club, a sea view apartment complex and a five-star hotel, shopping and entertainment center and offices.
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