Sri Lanka signs two MOUs with China for funding of the Colombo International Finance City
Extending the tripartite agreement signed between Sri Lanka’s Ministry of Megapolis and Western Province Development, Urban Development Authority (UDA) and China Harbhour Engineering Company (CHEC) Port City Colombo, two memoranda of understanding (MOUs) have been signed in Beijing for funding of the Colombo International Finance City (CIFC) Building Complex on the reclaimed land of the Colombo Port City Development Project and the Underground Marine Drive Tunnel – which has received the approval of the Cabinet of Ministers – connecting the airport highway and Marine Drive in Kollupitiya.
These two MOUs were signed by China Harbour Engineering Company President Tang Qiaoliang on behalf of the Chinese side in the presence of Megapolis and Western Development Minister Patali Champika Ranawaka, Ambassador of Sri Lanka to China Dr Karunasena Kodituwakku, Senior Advisor to the Minister Vidya Amarapala, Project Director of the Port City Project Nihal Fernando and CHEC Port City Colombo Ltd. Managing Director Jiang Houliang.
Megapolis and Western Province Development Minister Champika Ranawaka has said the country will expand Colombo’s Galle Face Green by 30 meters and a new access route will be built to the Colombo Port from Kollupitiya, which will result in the extension of the current Marine Drive.
China Harbhour Engineering Company (CHEC), which is reclaiming 269 hectares of sea to build the port city will invest to extend the marine drive, the Minister has reportedly said, adding that underground access will be given to hotels and other offices along the way.
According to Ranawaka, an elevated expressway will connect the new bridge crossing Kelani River to the port city, which will start at the present Chaitya Road.
The first three 60-floor towers are expected to be constructed on 20 hectares of reclaimed land in June.
According to the progress so far achieved, 60% of the reclamation work at the Port City and the breakwater construction has already been completed.
The completion of the reclamation and the construction of the breakwater will be completed by June 2019. The Chinese investment company indicated its willingness to invest a further US$ 1 billion in the construction of the first building complex on reclaimed land.
OSL take:
The signing of two more MOUs related to funding for the Colombo International Finance City (CIFC) also known as the Port City will further expand Chinese investments in Sri Lanka. The Chinese investment company has also indicated its willingness to invest a further US$ 1 billion to construct the first building complex on reclaimed land. The CIFC and supplementary development projects related to it have opened up many investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/20180130/Z_2 |