Govt says agreements worth nearly US $5bn signed during Chinese President’s visit

Govt says agreements worth nearly US $5bn signed during Chinese President’s visit

Written by Bella Dalima

17 Sep, 2014 | 8:58 pm

The government says that Sri Lanka signed a number of trade agreements worth nearly five billion US dollars during Chinese President Xi Jinping’s visit to Sri Lanka.

Chinese President Xi Jinping left Sri Lanka on Wednesday, concluding his official visit to the country.

The Colombo Port City Project was launched by Chinese President Xi Jinping and President Mahinda Rajapaksa at a grand ceremony on Wednesday morning.

President Rajapaksa and President Xi Jinping visited the Colombo International Container Terminal and inspected the development taking place from the open air upper terrace.

The Colombo Port City is a proposed offshore city in Colombo which will see almost 233 hectares of sea area filled with land. One hundred and seventy (170) hectares of land have been identified as land that can be developed while the remaining 63 hectares will be left for common amenities and parks.

China has made an investment of 1337 million dollars for this project. Seventy (70) percent of the total cost is to be claimed as a cash loan from the project proposer. The Port City will comprise of sports complexes, housing and office complexes, luxury hotels and  other modern facilities.

President Xi Jinping and his delegation left this country on Wednesday morning concluding a two-day official state visit.

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