March 15 (LBO) – Sri Lanka has accepted a proposal to reclaim the sea and develop 450 acres of land alongside the Colombo Port by John Keells Holdings (JKH), a senior minister said.
Updated/adds quotes “In the committee headed by the president we approved a very important and a flagship project to add 450 acres to the land space in Colombo,” Investment Promotion Minister Sarath Amunugama told reporters Thursday.
“We should be signing the agreement next week.”
He says the first phase alone is likely to cost about 500 million dollars and will be built over several years as happened in countries like Singapore and India.
JKH with P&O ports already operates a container terminal at the Colombo port.
A port expansion plan known as the Colombo South Port project is already underway. The proposed reclamation project extends around the new South Port.
Amunugama says he wants to boost Sri Lanka’s annual foreign direct investment (FDI) flows close to four billion US dollars from last year’s 500 million US dollars.
A special ‘Mega Projects’ promotion unit has been set up at the Board of Investment of Sri Lanka to fast track the largest projects.