Colombo Port City opens for investors

Colombos landmark project, the Colombo Port City, has opened to investors from Monday after it was declared open by Prime Minister Mahinda Rajapaksa two days ago.

Accompanied by the Chinese Ambassador to Sri Lanka Cheng Xueyuan, the Prime Minister on Saturday officially declared the 269 hectares of land reclaimed from the sea for the project as part of the Colombo district, reports the Daily Financial Times.

The government will follow up this up in the coming months with several programmes to be launched attract investors.

Port City Colombo, an extension of Sri Lanka's vibrant commercial capital, will comprise five different districts, which will include a financial district, central park living, island living, The Marina and the International Island.

When completed, Port City Colombo will have over 5.6 million square meters of built space. It aims to attract investments in healthcare, education, entertainment, hotels and restaurants, retail and office spaces with an integrated resort and a marina.

Construction of the $ 1.5 billion Colombo Port City project was launched on September 17, 2014 in the presence of Chinese President Xi Jinping.

The agreement for the Port City was renegotiated and signed in August 2016.

The former administration of Prime Minister Ranil Wickremesinghe had planned to establish an International Financial Centre on the share of land allocated to the Sri Lankan government. It however, remains unclear as to whether this will continue.