Sri Lanka Announces Recommencement of Chinese Colombo Port City Project [ Current Affairs ]
Sri Lankan Government has officially announced the recommencement of work on the delayed Chinese Colombo Port City project. In the Joint Statement by China and Sri Lanka at the conclusion of the official state visit of Prime Minister Ranil Wickremesinghe to Beijing the announcement was made.
Key highlights of the Joint Statement:
- To develop a 21st Century Maritime Silk Road to advance infrastructure development in Sri Lanka both sides will use the Chinese initiative.
- In infrastructure development China has assured fresh support to the Sri Lanka.
- Both sides will also advance developments such as:
- The China-Sri Lanka Free Trade Agreement (FTA) negotiations
- Promote joint ventures and expand cooperation in the areas of economy
- When the island country is facing a debt crisis with looming repayments of Chinese infrastructure loans, Sri Lankan Government’s statement comes at a time.
- China is emphasizing on collaborating with Sri Lanka in further developing the infrastructure.
- While the Sri Lanka has dedicated to resuscitate the Chinese Port City Project for solutions to ward off instant Chinese loan compensation concerns.
Colombo Port City
- Colombo Port City is a strategic offshore city in Colombo, Sri Lanka, built on domestic land next to to the Galle Face Green.
- The city will use construction capitals from the Colombo Harbours Expansion Project, currently under construction near the site of this proposed city.
- The New Port City is a idea of President Mahinda Rajapaksa, who was seemingly inspired while reviewing the landfill being built for the Colombo South port.
- The total area of sea to be reclaimed is 450 acres
- Published on: April 11, 2016