Sri Lankan government to sign MoU to develop US$ 1bn Colombo International Financial City building complex
The Sri Lankan government has decided to sign a Memorandum of Understanding (MOU) with CHEC Port City Colombo to develop the Colombo International Financial City building complex valued at US$ 1 billion.
“Above task has been assigned to Skid more Owings & Merrill Institution which is selected through an international competition and the investment is about US 1 billion dollars,” a statement issued by the government on the recently approved decision of the Cabinet of Ministers has stated.
“It was decided to sign a MoU among China Harbour Engineering Corporation, Ministry of Megapolis and Western Development, and Colombo Port City Private Company for enabling above amount to be obtained as a direct foreign investment.”
The proposal was made by the Megapolis and Western Development Ministry.
The construction of the building complex is expected to commence next year after relevant Environmental Impact Assessment (EIA) approvals have been obtained.
The EIA for Infrastructure Landscaping and Development on the reclaimed land has already been completed and was open for public comments until December 18th. However, a final decision on the matter is expected in March next year.
OSL take:
Once the government signs the MoU with China Harbour to develop the Colombo International Financial City building complex valued at US$ 1 billion, it would open many investment opportunities for the discerning investor looking at new age development programme in Sri Lanka to invest in.
| Article Code : | VBS/AT/31122017/Z_2 |