Sri Lanka to sign formal deal for port city in August: Prime Minister
Friday June 17, 2016
15:53
ECONOMYNEXT – Sri Lanka will sign a formal agreement with China Harbhour Engineering Company for a 1.4 billion sea reclamation deal in August, Prime Minister Ranil Wickremesinghe said.
The so-called Port City project was suspended by Wickremesinghe on environmental concerns, but was given the go ahead in April.
"This is not a port city but a financial city like Dubai," Wickremesinghe told reporters in Colombo.
"There will be no freehold land, it will be on lease."
He said more investments from China including a dockyard and an industrial zone were expected from Chinese firms.
A Sri Lanka unit of China Harbhour Engineering, began sea reclamation on a temporary agreement. (Colombo/June17/2016)