Colombo port city proposal to be downsized: Minister

Jan 12, 2016 (LBO) – Sri Lanka will continue with the Colombo port city project after downsizing the previous agreement entered with China, the International Trade State Minister said. Minister Sujeewa Senasinghe told reporters Tuesday that the initial proposal led to a transfer of 50 acre land to a private party.


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“50 acres was supposed to be given on a private deal; that was not for the government. We’ll remove them. To do so we have to change the agreement,” Senasinghe said. “Now we have studied the full project and decided to downsize the project.

We have also decided to take off the corruption part out of It,” he added. Senasinghe however stated that the Chinese companies are keen on investing in Sri Lanka. “They are very keen coming to Sri Lanka because Chinese economy is stagnant at the moment. One Chinese firm has even sought 6,000 acres of lands in Sri Lanka though we can’t offer that much,” he said. Senasinghe further stated that the government is planning to take a loan at two percent interest rate to set off an existing loan of 1,200 million rupees taken for various activities. “We have borrowed at 6.9 percent average dollar rate in the past few years for state investments and now have to pay 1,200 million rupees annually for loan repayments.” the minister said. “So we are going to take a loan at 2 percent to set off the existing loan and also planning to take another loan at 2 percent.” he further said.