USD 01 Bn investments for Port City approved

Cabinet approved USD 01 Billion investment for Port City

by Zulfick Farzan 18-06-2020 | 2:36 PM

Colombo (News 1st); The Cabinet of Ministers approved an investment of Rs. 01 Billion USD in the Colombo Port City.

Joint Cabinet Spokesperson Minister (Dr.) Ramesh Pathirana speaking on Thursday said the Cabinet of Minister approved the investment proposal made by Chec Port City Colombo (Pvt.) Ltd.

According to the Government Information Department, Chec Port City Colombo (Pvt.) Ltd submitted a proposal to the Sri Lanka Board of Investment to implement a mixed development project comprised of 05 pillars/buildings in an area of 6.8 hectares out of the extent of land proposed to be given on lease.

The project of US dollars 01 billion is proposed to be implemented in two phases comprised of the first phase for US dollars 400 million whereas the second phase for US dollars 600 million.

The Cabinet of Ministers approved the proposal for the publication of relevant gazette notifications under the

strategic development project act so as to enable providing incentive allowances relevant for the said investments in terms of the provisions of a strategic development project (amendment) act No 14 of 2008 and Sri Lanka Board of Investment (Amendment) act No. 4 of L978, considering the strategic importance and the magnitude of the project.