Saturday, April 1, 2023

Port City basic infrastructure development work to be completed by end of this year

The infrastructure development activities of Port City Colombo, the largest foreign direct investment (FDI)-driven project in Sri Lanka, are slated to be completed by the end of this year, said Investment Promotion Ministry Secretary M.M. Nayeemudeen. 

He stated this during the National Steering Committee meeting held at the Investment Promotion Ministry on Tuesday.

“The project implementation is now in full swing, with the land reclamation work already completed in 2019. As such, the infrastructure work and landscaping work are progressing and nearing the full completion,” Nayeemudeen pointed out. 

He also stressed the importance of carrying out the infrastructure development activities according to a predetermined schedule, so that the deadlines can be met in time. Accordingly, he instructed the relevant officials to adhere to a time frame and complete the balance construction activities. 

Furthermore, Nayeemudeen assured his intervention to clear up the hindrances that may pop up in future, in order to ensure the smooth operation of the Port City Colombo project.    

Officials representing various ministries and institutions, including the Defence Ministry, Public Security Ministry, Colombo Port City Economic Commission, CHEC Port City Colombo (Pvt.) Ltd, Sri Lanka Port Authority, Colombo Municipal Council and Road Development Authority, participated in the meeting.  

The Port City Colombo project, with US $ 1.4 billion FDI, is co-developed by the government of Sri Lanka and CHEC Port City Colombo (Pvt.) Ltd, under the theme of the Belt and Road Initiative. 

The Port City will have 6.30 million square metres of build up space once it is fully completed. In terms of the land area, out of 269 hectares of land acquired, 178 hectares will be made available for investment opportunities in the future. The project, once completed, will have a knock-on effect on the property value of the country.

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