ECONOMYNEXT – A suspended sea reclamation project that will expand Sri Lanka’s capital Colombo is likely to go ahead in March when Prime Minister Ranil Wickramasinghe visits Beijing, a minister said.
The China Port City project was suspended by Wickremesinghe after elections in March primarily citing environmental issues, but there were also concerns over free hold land ownership by a Chinese state firm.
Minister for International Trade Minister Malik Samarawickrama said outstanding issues are expected to be ironed out by March, in time for Prime Minister’s visit to Beijing.
The Port City involves a 1.5 billion US dollar reclamation of sea adjoining Colombo port and the ‘Galle Face’ beach front of the capital.
Over 20 billion US dollars of real estate and hotel investments are expected to come into the project after the land is reclaimed.