Breaking News, News

Cabinet approves billion dollar development project at Colombo Port City

18 Jun, 2020

Cabinet has approved a billion dollar development project at the Colombo Port City, the Government announced today.

A trilateral agreement was signed in August 2016 between the Sri Lankan Government, Urban Development Authority and the locally incorporated CHEC Port City Colombo (Pvt) Ltd.

As per the agreement, steps have been taken to fill 440 hectares of land and CHEC Port City Colombo would be allocated an extent of 116 hectares of land from the said extent of land on lease.

Accordingly, the said Company has submitted a proposal to the Sri Lanka Board of Investment to implement a mixed development project comprised of 05 pillars / buildings in an area of 6.8 hectares out of the extent of land proposed to be given on lease.

The project of US dollars 01 billion is proposed to be implemented in two phases comprised of the first phase for US dollars 400 million and the second phase for US dollars 600 million.

The Cabinet of Ministers approved a proposal presented by the Minister of Industrial Exports and Investment Promotion for the publication of relevant gazette notifications under the strategic development project act so as to enable providing incentive allowances
relevant for the said investments in terms of the provisions of the strategic development project (amendment) act No 14 of 2008 and Sri Lanka Board of Investment (Amendment) act No. 4 of L978, considering the strategic importance and the magnitude of the project. (Colombo Gazette)

Recommended For You

Feature Image

UNP decides to pick Ranil as presidential candidate

By Easwaran Rutnam The United National Party (UNP) has decided to pick party leader and incumbent President Ranil Wickremesinghe as its next presidential candidate. UNP Deputy Leader Ruwan Wijewardena confirmed to Colombo Gazette that Wickremesinghe has been picked as the presidential candidate of the UNP. Wickremesinghe was picked by Parliament as President in 2022 to replace Gotabaya Rajapaksa who was forced out of office during the ‘Aragalaya’ protests. (Colombo Gazette)

10 Jan, 2024

Feature Image

IMF wants Sri Lanka to implement deals with official creditors

The International Monetary Fund (IMF) wants Sri Lanka to conclude the negotiations with external commercial creditors and implement agreements with official creditors.? Julie Kozack, Director of Communications at the IMF noted that the Executive Board approved the first review of the program on 12th December 2023. “So just about a month ago, with a disbursement of $337 U.S. dollars. Program performance has been satisfactory, as signaled by the completion of the review. And the next steps are t

12 Jan, 2024

Feature Image

Police recording ethnicity of residents in Colombo, other areas

The Police are recording information of residents in Colombo, and other areas, including their ethnicity, Parliament was informed today. Public Security Minister Tiran Alles told Parliament that recording the details of residents in Colombo and other parts of the country was a continuing process and was nothing new. He denied claims the religion of the public were being recorded by the Police. The Minister was responding to concerns raised by opposition MP Mano Ganesan. The MP alleged that T

11 Dec, 2023