Sri Lanka to sign new deal with China Port City
ECONOMYNEXT – Sri Lanka will sign an amended agreement with a Chinese company that is reclaiming the sea near Colombo, involving the Urban Development Authority with a committee tasked to make changes to the deal.
Sri Lanka has already granted a six-month extension to a temporary agreement signed with Sri Lanka Ports Authority and the CHEC Port City Colombo (Pvt) Ltd.
A committee involving ministries in the new administration is expected to develop a tripartite agreement with CHEC, the UDA and the Government of Sri Lanka.
The committee has been tasked with making ‘necessary amendments’ and ‘evolving a mechanism to ensure that conditions" in the agreement and the extension are followed.
There is an ongoing court proceeding in Colombo also over environmental concerns.
Prime Minister Ranil Wickremesinghe halted the reclamation project amid protests from environmentalists and fears of a Chinese laying claim to the reclaimed land.
China has been bullying and intimidating their neighbours such as Vietnam and the Philippines using its military power and artificial islands, which has scared other Asian countries about the intentions of the larger countries. (Colombo/Oct09/2015)