Chinese firm to invest $800 million on Sri Lanka Port City underground road
China Communication Construction Company (CCCC) will invest $800 million to build an underground road network to Sri Lanka’s Port City, a $1.4 billion project built on reclaimed land, a government minister said.
The plan, for which an agreement has already been signed, is expected to reduce traffic congestion on the existing route once the Port City – part of Beijing’s ambitious plan to create a modern-day “Silk Road” across Asia – starts operating.
“Once legal procedure on the new reclaimed land is done, the construction will start,” Sri Lanka’s Minister of Megapolis and Western Development Champika Ranawaka told a Foreign Correspondents’ Association forum late on Wednesday.
More than 60 percent of the Port City’s area has been reclaimed from the sea in the commercial heart of Colombo, and is adjacent to the main port and the historic Galle Face Green park.
Total reclamation of the 269-hectare (665-acre) tract is expected to be completed by year-end, he said.
Sri Lanka is preparing legislation with tax incentives to lure investment into the Port City, a project of CCCC through its subsidiary, the state-run China Harbour Engineering Company Ltd.
Sri Lanka anticipates an eventual investment of $15 billion in the project, which includes housing, marinas, health facilities and schools, over the next 30 years.
CHEC Port City Colombo (Pvt) Ltd, the Sri Lankan company handling the project for CCCC, aims to deliver the first site for construction by the end of 2018.
CCCC executives were not immediately available for comment.
(Reuters)
Latest Headlines in Sri Lanka
- Sri Lanka President leads discussion on strengthening airport security and combating corruption December 28, 2024
- CAA imposes new maximum retail prices for canned fish effective today December 28, 2024
- Ex-Minister Manusha’s brother arrested in Rs. 3 million job scam December 28, 2024
- Mahinda Rajapaksa’s security chief Neville and son Yoshitha summoned to CID December 28, 2024
- Salochana Gamage arrested by CIABOC in Rs. 9 million bribery case December 28, 2024
what objective does the government see with this 800 million dollar investment in bridging the port city with the mainland. we have seen and heard of roads and bridges leading to nowhere and this project appears to be diabolical more so if the government is expected to payback the 800 milion
ironic con sidering there are million in sri anka without basic necessities like housing eloectricity and water.
Halfwits the like of Ranawaka ought to get the priorities worked rather than living in a mythical world of meagapolis