(UTV|COLOMBO) – President Rajapaksa yesterday engaged in an observational tour of the Colombo Port City.
The Port City which is an update to Sri Lanka’s land map is being contrasted as an extension of the Colombo city.
The China Communications construction company is expected to spend up to $1.4 billion on land reclamation and infrastructure, while another $15 million will be spent for building complexes.
Legal drafts for the new land mass are presently being reviewed by a special committee, which will then be presented in parliament.
Following which the Colombo Port City will be then be declared a special economic zone. This will also be the first special economic zone for services.
The project is being constructed under an agreement reached between the Ministry of Urban Development, Urban Development Authority and the China Communications construction company.
Building construction is expected to commence mid 2020, while the first phase of the project is anticipated to be completed by 2023.