Sri Lanka accelerates Colombo Port City

COLOMBO, Dec 10, 2019, ANI. The Colombo Port City, spanning 269 hectares of reclaimed land from the sea is officially declared part of the Colombo District, under the patronage of Sri Lankan Prime Minister Mahinda Rajapaksa, Belt and Road News reported.

The Government will firmly support and accelerate the development of the Colombo Port City project constructed by China to ensure that it will emerge as a new business hub in the Island Country, Prime Minister Rajapaksa said at the Grand Ceremony marking the opening of the project for the Investors on Saturday.

Chinese Ambassador to Sri Lanka Cheng Xueyuan and Officials of the Chinese Embassy were also present on the Occasion.

The Port City is Sri Lanka’s largest Foreign Direct Investment project, and it is expected to attract billions of US dollars in Investments in the coming years.

Construction of the Port City started in September 2014 and is expected to take 25 years. The project is also part of the Chinese Belt & Road Initiative (BRI), put forward in 2013 with the aim of building a trade and infrastructure network connecting Asia with Europe and Africa.

The Project is expected to create over 80,000 jobs and aimed at transforming Sri Lanka into a Regional Business & Financial Hub.