Sri Lanka govt approves USD 1Bn financial city complex

Dec 21, 2017 (LBO) - The cabinet of ministers has given the go ahead to sign a Memorandum of Understanding (MOU) with CHEC Port City Colombo to develop the Colombo International Financial City building complex valued at 1 billion US dollars. "Above task has been assigned to Skid more Owings & Merrill Institution which is selected through an international competition and the investment is about US 1 billion dollars," a recently approved cabinet decisions statement said. "It was decided to sign a MoU among China Harbour Engineering Corporation, Ministry of Megapolis and Western Development, and Colombo Port City Private Company for enabling above amount to be obtained as a direct foreign investment." The proposal was made by the Megapolis and Western Development Ministry. The construction of the building complex is expected to commence next year after relevant Environmental Impact Assessment (EIA) approvals have been obtained. The EIA for Infrastructure Landscaping and Development on the reclaimed land has already been completed and was open for public comments until 18 December, while a final decision on the matter is expected in March next year.