SRI LANKA has signed a US$1.43 billion deal with China Communications Construction to build a port facility with a 99-year-lease on a 230 hectares reclaimed land in Colombo, the head of the state-run Ports Authority has announced.
China Communications Construction wins 99-year lease of Colombo port site
SRI LANKA has signed a US$1.43 billion deal with China Communications Construction to build a port facility with a 99-year-lease on a 230 hectares reclaimed land in Colombo, the head of the state-run Ports Authority has announced.
The site is next to the main Port of Colombo, close to Shangri-La Hotels Lanka, a unit Hong Kong-listed Shangri-La Asia, which is building a 500-room hotel.
"The Chinese firm will invest in reclaiming the land and infrastructure of the port city," said Sri Lanka Ports Authority chairman Priyath Wickrama. "It will be given 50 hectares of reclaimed land."
The 39-month long construction project will start in September, Wickrama said, adding the city would include eco-parks, residential areas, offices and shopping malls.
Since the end of a nearly three-decade war with the Tamil Tigers in 2009, the Sri Lankan has been spending on infrastructure, including ports to attract foreign investments to its $59 billion economy.
