Sri Lanka’s latest project, a $1.4 billion (Rs.20 billion) Port City development had generated global interest. The project is about 269 hectares and very similar to cities like Hong Kong, Dubai, and Singapore in design.
As Sri Lankan are slowly recovering from a painful 30 year long armed conflict, the country seem to be rearing to make up for lost opportunities and this project seems to be one of them. Through this project of a new metropolis inside the capital city -Colombo, the calculations predict a huge financial boom for the country. Furthermore, according to the officials, this move could potentially help double the city in size, while creating revenues in tourism. Data reveals that Colombo, the most populated city in the country, has about 750,000 residents and the number is increasing daily.
The Port City development first discussed in 2004 with the project investor, a Chinese company named China Communications Construction Company, yet had trouble moving forward with the project due to the war that was ravaging the country. Then in 2014, it was suspended again due to the predicted damage to the Sri Lanka’s coastline by the Prime Minister Ranil Wickramasinghe.
The delay is costing them $380,000 (Rs 5 million) a day said the vexed project investor in the past, yet Sri Lankan government’s firm stance behind proper environment protection measures seems to have paid off.
The plan is back on track with new set of environmental protection regulations and is set to complete the reclamation efforts and the first stage of infrastructure by 2020, according to the project developer, China Harbour Engineering Company (CHEC). The Port City will be finished in 2041, and could cost about $15 billion (Rs 223 billion).