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Wednesday Dec 25, 2024
Tuesday, 15 March 2016 00:10 - - {{hitsCtrl.values.hits}}
The Sri Lankan Government on Monday officially informed the Chinese investors of resuming the construction of the $ 1.4 billion Port City project in the capital, one year after its suspension.
The Ministry of Ports and Shipping in an official letter to the CHEC Port City Colombo Ltd. said that the company could resume the construction of the project immediately, Chinese State media Xinhua News Agency reported.
“At its meeting held on 9 March, the Cabinet of Ministers has granted approval for the project to resume immediately,” the letter said.
“Accordingly the suspension affected by my letter dated 6 March 2015 is hereby withdrawn with effect from today (Monday),” the Ministry said in the letter.
The $ 1.4 billion project which will be the first of its kind in South Asia began construction adjacent to the Galle Face Green and near the Colombo Harbour in September 2014 under the previous Government.
However, it was suspended by the new Government of President Maithripala Sirisena in March last year, six months after it began construction. The new Government said that the project needed to be reviewed.
The Port City is expected to boost the local economy by generating millions of dollars upon its completion and generate over 80,000 jobs.
Prime Minister Ranil Wickremesinghe said that the island nation would have a “unique financial and business district” in Colombo when the Port City resumed work.
The project includes a marina and yacht club, a central boulevard, a sea view apartment complex and a five-star hotel, shopping and entertainment centre, office space, a mini golf course, and many other modern facilities.
The Port City is also vital in the Government’s Megapolis development program which was launched this year and is set to transform the capital and its suburbs in the coming years.
