Cabinet approves billion-dollar project for Port City

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 $ 1 billion is proposed to be implemented in two phases. In the first phase $ 400 million will be the investment and in the second $ 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, including tax holidays, relevant for the investment in terms of the provisions of Strategic Development Project (Amendment) Act No. 14 of 2008 and the Sri Lanka Board of Investment (Amendment) act No. 4 of L978, considering the strategic importance and magnitude of the project.    

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