Sri Lanka and China Sign Tripartite Agreement to Construct Financial City Centre in Colombo [ Current Affairs - International Relations ]
Shri Lanka and China have finally signed tripartite agreement proceed with the construction of a mega multibillion dollar port city project in capital Colombo. This agreement sign by Sri Lanka’s Urban Development Authority, the Ministry of Megapolis and Western Development and the China Harbor Engineering Company Ltd.
- The Project aim is to transform Sri Lanka into an international financial hub in the Indian Ocean region (IOR).
- Agreement sign for the development of Colombo International Financial City (CIFC), it known as the Colombo Port City.
- Colombo International Financial City will be in the centre of the maritime city.
- Project would also fuel the planned Maritime city, Tech city, Aero city, Tourist cities and Industrial cities.
- This Project was essential for any strategically located country to introduce new maritime corridors and economic partnerships with many countries for its economic activities.
- In September 2014, USD 1.4 billion Port City project which initially began construction.
- But, the former government was suspended in March 2015 by President Maithripala Sirisena’s government because of environmental concerns.
- In March 2016, the project was given a nod from the government allowing that the project would convert Sri Lanka into an international hub in the region.
- Published on: August 16, 2016