Sri Lanka to sign formal deal for port city in August: Prime Minister

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)

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