Sri Lanka inks new deal to formalize US$13bn China sea reclamation
Aug 12, 2016 17:55 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka and a Chinese company that is reclaiming sea near the main in the capital has inked a new agreement several months after the suspended project was allowed to proceed by the country's current administration.
CHEC Port City Colombo (Pvt) Ltd, a unit of China Communications and Construction Company, said a tripartite agreement had been signed with Sri Lanka's Ministry of Megapolis and Western Development and the Urban Development Authority.
The earlier temporary agreement was with Sri Lanka Ports Authority.
The project involves reclaiming sea near the Colombo Port in a 1.4 billion dollar project.
The land is expected to draw more than 13 billion dollars in foreign direct investments and create 83,000 jobs, the firm said.