New tripartite agreement signed on Colombo port city project

DH3A4086CHEC Port City Colombo (Pvt) Ltd, the Project Company for the Colombo Port City (CPC), today signed a tripartite agreement between the Ministry of Megapolis and Western Development, the Urban Development Authority and the Project Company.

The agreement formally replaces the previous agreement signed on 16thSeptember 2014 between the Government of Sri Lanka and the Project Company.

The new tripartite agreement has been signed following the announcement in March this year by the Government to lift the temporary suspension of work on the project until the Ministry of Megapolis and Western Development completed the Supplementary Environmental Impact Assessment (SEIA).  The SEIA was completed earlier this year, pursuant to a Development Permit issued by the Coast Conservation Department to recommence the project.

The temporary suspension of the project lasted over a year, during which the Project Company fully co-operated with the government to address the various concerns raised following the formation of a new Government after the Presidential Elections in January 2015. The SEIA and the new tripartite agreement have addressed all such concerns. Furthermore, the Cabinet of Ministers approved thistripartite agreement and authorised the signing of the same at the Cabinet meeting held on 9th August 2016.

With this new agreement in place,the Project Company and the Government share a common vision of making the port city, currently the single largest private-sector development project in Sri Lanka, a success. The project is envisioned to boost the economy alongside the country’s existing development plans withstate-of-the-art living, working, public and recreational spaces in the new city,thus making it a viable investment destination in South Asia.

Together the Project Company and the Government envisage creating approximately 83,000 new employment opportunities within different sectors, attracting over US$ 13 billion in Foreign Direct Investments (FDI) from investors and developers from countries including India, Singapore, Malaysia and China while also increasing the number of tourists visiting Sri Lanka within the next 20-30 years.

The Government has announced its intentionto develop an international financial and business district in Sri Lanka within the Port City premises and therefore will rename the project “Colombo International Financial City”. The Project Company is fully supportive of this initiative and will continue to provide its corporation to the Government in all operations carried forward henceforth. (Colombo Gazette)


  1. Good to see that Asians are working together to move forward. Doesn’t matter who started it, the most important part is we must continue to work together. We must continue to focus on the big picture.

    • Antany what is your big picture it seems to change from day to day. In your case nice to live in western country New Zealand which you loath this according to your own words. Have you ever come across the saying don’t bite the hand that feed guess not. Never read any letters by you in any of the New Zealand fourth estate your pompous self riches clap trap berating West or more importantly New Zealand. Say a lot about your character.
      By the way how many crooked politicians so far persecuted by you in WCJ Haig.
      Last time I read Ragapaksa clan are still having time of their life in between some appearance’s in front of one or more so called grilling’s for BBQ with MS & RW’s pseudo investigations..

      • Your foolish comments always appear in South Asian media. No wonder why the South Asians haven’t got a medal from the 2016 Olympics games in Brazil. South Asians couldn’t even get a gold medal from the London Olympics games in 2012.

        • Hi Antany how come your comments always appear in so called South Asian media. I can explain we like to humor our self once in a while reading your incoherent fanciful
          moronic comments. Now the Kiwis won few meddles don’t they ah! Western country. By the way I was in Wellington for six weeks in June to July as usual you didn’t front up. I suppose you were getting ready for Rio 2016 to compete in the special event best pseudo Intellectual gold.

      • I left New Zealand in May 2014. You always try to create sensation by writing lies. You should do something else with your hands to create sensation for yourself; instead of playing with your keyboard and writing lies.

  2. The truth is that it was the UNP leader who renegotiated the entire process and got it signed.You are still in the Darkness not knowing the truth.

  3. This govt after coming to power has nothing to show by way of any development projects initiated by them. They are only building on projects criticized by them while in the opposition which the previous govt commenced ie: Port City, Mattala Airport , H’tota Port, Coal power plants, Mahindodaya projects etc: Also they are going behind the Chinese now after criticizing them as the west is now unable to help them as they are broke. The govt must realise that they have inherited good development projects to continue though they have not started any. They have to swallow their pride and accept the truth.

  4. Govt.of Sri lank must undertaken and give full assurance to the Govt. Peoples Republic of China proposed projects will not undermined by anti- China policy of UNP line of policies.

    Well, this is very important The UNP leaders and MS and CBK of has undermined that important of project is key for the development of our nation.
    New Govt. regime has not that play with other great nations by their own vested interest of US and Indian.
    This policy must stop once and for all. Do not take China for ride.

    • A Accurate Comment, I mean the PM just Hired India of all nations to help improve our medical services, He only has to look at how third rate the Indian Medical services are, I mean when our Criminal politicians of all sides are sick they don’t go to India for treatment but Singapore, So why not spend a bit more extra money to another nation for a first rate nation. We don’t want a Indian mentality in our medical service, it bad enough already. So lets see when the PM and other Government ministers a sick do they go to India for treatment in the future.

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