Port City

Oct 25, 2013 (LBO) – Sri Lanka’s state ports agency is expecting to sign a deal a 1.4 billion US dollar sea reclamation deal which will with a Chinese firm next month, an official said.

Sri Lanka Port Authority has already chosen China Communications Construction Company to reclaim 230 hectares bordering Colombo port.

“We are trying our utmost to sign the agreement with China Communications Construction Company next month,” SLPA chairman Priyath Wickrema told our sister website Vimasuma.com.

“In the first phase they will invest 1430 million US dollars. That is to reclaim the sea and build internal infrastructure such as roads.”

The first phase is expected to take 39 million US dollars.

The Chinese firm will be paid-in-kind for its investment with 50 hectares of land on a 99 year lease. In the second phase a ‘port city’ with office, shopping, residential, a wetland park and sports facilities are expected to be built.