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Chinese investor to fund ‘Port City’
A Chinese investor has secured the deal to create the proposed 500 acre ‘Port City’ on reclaimed land on the sea off the Galle Face Green, of which the first stage is believed to cost US $ 700 million, a top Ports Authority official confirmed.
“Negotiations are ongoing with this Chinese investor and it will consist of several phases,” Sri Lanka Ports Authority (SLPA) Planning and Development Chief Engineer Susantha Abeysiriwardena said, adding that funding would be done solely by the said investor.
“I am not in a position to disclose the identity of the investor at the moment,” he was quick to add.
He further noted that the total investment, although still too premature to disclose, would be a substantial one.
The project is said to commence by end-2013 and completed within three years.
However, Abeysiriwardena added that considering the magnitude of the project, various expansions will take place over a period of 10-15 years.
The SLPA will oversee the reclamation project, which will be divided into three segments namely business, residential and leisure. A minigolf course, a Formula One race track, a small yacht marina and areas for water sports will be created.
The Galle Face reclamation project was first announced by President Mahinda Rajapaksa at the ruling UPFA’s 2010 May Day rally. The SLPA initially said that the funding of the project would be carried out through a US $ 1 billion bond issue.
Construction work on the project will be carried out under the supervision of the Urban Development Authority, Colombo Municipality, relevant ministries and the Archaeological Department.
Certain other Chinese companies have also secured lucrative Sri Lankan contracts for infrastructure and other projects including the harbours in Hambantota and Colombo, with the government seen to be favouring Chinese entities over others.
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