Sri Lanka, China Sign Tripartite Agreement To Construct Financial City Centre In Colombo

Sri Lanka and China on Augus t 12, 2016, signed a tripaktite agreement to proceed with the construction of a Financial City Centre in Colombo. The agreement was signed between Sri Lanka's Urban Development Authority, Ministry of Megapolis and Western Development and China Harbour Engineering Company. With the signing of the agreement, the Colombo Port City Development Project was renamed the Colombo International Financial City with the government stating that the projec t would transform Sri Lanka into an international financial hub in the Indian Ocean region.

Speaking at the signing ceremony. Minister of Megapolis and Western Development Mr. Champika Ranawaka said that the Colombo International Financial City, which will be in the center of the maritime city, will be one of the key phenomenon which would decide the future development of Sri Lanka. He added that the project would also fuel the planned Maritime city, Aero city, Tech city, Industrial cities and Tourist cities. Chairman of the CHEC Mr. Tang Iliad Lang said that the positive changes made to the original agreement of the Colombo Port City which was signed in 2014 was a reflection of CHEC's willingness at all times to work closely with the Sri Lankan government to ensure that the project has mutual long-term benefits to the investor and the country.

The Colombo International Financial City project aims to transform Sri Lanka into an international financial hub in the Indian Ocean Region (10R). The $1.4-billion Port City project initially started construction in September 2014 under the former government which was suspended in March 2015 by President Mr. Maithripala Sirisena's government due to environmental concerns. However in March 2016, the project was given the nod from the government stating that the project would convert Sri Lanka into an international hub in the region. The project which has now been expanded to 269 hectares under the new Tripartite

Agreement will include central parks and beaches for the public. The project is also expected to create thousands of jobs in the island country

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