CHEC to invest US $ 1.2bn in Colombo Port City

27 June 2023 02:35 am Views - 2054

China Harbour Engineering Company (CHEC) affirmed further commitment to Sri Lank, with its president assuring the company would pump in more investments into the country.

CHEC President Bau Yinzhan has confirmed that they would invest US $ 1.2 billion in Port City Colombo, starting with the International Financial Centre, the Sri Lankan Embassy in China shared in a Twitter update, yesterday.

Foreign Minister Ali Sabry met Yinzhan, Chairman Tang Qiaoliang and the senior CHEC management during his visit to China. The discussions focused on the progress in the investments in Port City Colombo. 

Port City Colombo is developed by CHEC Port City Colombo (Pvt.) Ltd (CPCC), a wholly-owned subsidiary of CHEC, which in turn is a subsidiary of China Communications Construction Company Limited (CCCC). 
CCCC is a majority state-owned enterprise, with headquarters in Beijing.

CPCC has already invested over US $ 1.4 billion in the project, making it the largest ever foreign direct investment project to be implemented in Sri Lanka so far.