Sri Lanka facilitating first US$400mn investment at Port City: Cabraal

The Chinese built Colombo Port City is being termed the ‘Gateway to South Asia’. Pic by Amitha Thennakoon.

ECONOMYNEXT – Sri Lanka is facilitating the maiden 400 million dollar investment at the newly reclaimed land at Port City in Colombo, a top official said.

“It will be a 400 million dollar plus project, with two towers and a connecting block,” Senior Economic Advisor to the Prime Minister Nivard Cabraal said.

The land was reclaimed by CHEC Port City Colombo (Pvt) Ltd, a unit of China Communications and Construction (CCCC) group.

Sri Lanka is facilitating the investment with tax and other incentives, Cabraal said.

The 269 hectare reclaimed land has 178 hectares of buildable land and 91 hectares for public areas including a park.

Sri Lanka has formally declared the land for use and it will be marketed on a phased program.

CHEC will have 113 acres to market and develop and the balance will be by the government.

World class educational and health facilities is expected to be within the area. (Colombo/Dec11/2019)