Sri Lanka processing large property projects

June 13, 2013 (LBO) – Sri Lanka is processing several large mixed development projects in the capital Colombo including two which may be over 500 million US dollars, investment promotion minister Lakshman Abeywardena said. BOI chairman Lakshman Jayaweera said the agency was expediting approvals and helping get clearances for investors with other line ministries and agencies.

One project now being processed involves a 640 million US dollar investment, he told reporters.

Another involving a Korean investor may go up to a billion US dollars in all its phases he said.

Sri Lanka’s Abans group is engaged in a 140 million US dollar project in its first phase, Abeywardena said.

In addition the University of Central Lancashire was building another 140 million US dollar campus in Mirigama.

Abeywardena said for 2013 the Board of Investment is targeting 2.0 billion US dollars in foreign direct investment.

Approvals had been streamlined and fast-tracked with a ‘one-stop’ shop.

Sri Lanka is shortly expected to approve a 400 million US dollar luxury hotel with Australia’s Crown. Typically actual investments flow over several years, following approvals.