China plans $1bn investment in Sri Lankan Port City project

China plans $1bn investment in Sri Lankan Port City project

COLOMBO, Sri Lankan Prime Minister Ranil Wickremesinghe on Tuesday made an inspection tour of the mega Port City which is being constructed close to the Colombo Harbour in the island country’s capital.

The Colombo Port City, which will be the first of its kind in South Asia, is being constructed by China Harbour Engineering Company Ltd.(CHEC).

Wickremesinghe, who was accompanied by several ministers, was briefed by the Port City management on the overall project and the present stage of construction.

This project which is also expected to be a financial center, will convert Sri Lanka into a global hub in the region, Wickremesinghe told reporters at the site of construction.

“The CHEC is reclaiming land from the sea to construct this city and we must make use of it. In the future, this Port City will have at least 75,000 people residing here and 200,000 people moving in and out of the city on a daily basis,” Wickremesinghe added.

The prime minister added that the Colombo Port City will have many facilities and bring in new life to the Sri Lankan economy.

“The Colombo Port City will be one of a kind and we thank CHEC and the Megapolis and Western Development Ministry for their dedicated work towards the Port City,” the prime minister said.

The Colombo Port City, launched in September 2014, will have many unique features such as a strong solar and wind power system, waste recycling and a treatment to harvest rain water.

There will be several pedestrians and cycle lanes while the city will be connected to Colombo through a Light Rail Transport system.

The Port City will also include residential buildings, schools, banks, shopping malls, a marina, parks, hotels and public beaches.

Once completed, the projected is expected to attract 15 billion U.S. dollars worth of investment into Sri Lanka.

Xinhua

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