The first investment within the Port City Colombo has been realised with the launching of one billion dollar Colombo International Finance Centre (CIFC) Mixed Development Project in a land mark ceremony on Thursday 17 December .
The momentous agreement between Browns Investments, the strategic investment arm of the LOLC Group, and China Harbour Engineering Company Limited (CHEC) was signed this morning in the presence of Prime Minister Mahinda Rajapaksa and Ambassador of China to Sri Lanka Qi Zhenhong.
“Attracting foreign direct investment is a key priority for the Government, and this landmark project is a strong indicator that Sri Lanka is now back in business,” Prime Minister Rajapaksa said.
He invited investors from around the world to explore the multitude of investment opportunities that Sri Lanka presents with its strategic location and human resource capabilities.”
The Port City Colombo was the brainchild of Prime Minister Rajapaksa, launched during his presidency together with Chinese President Xi Jinping during his state visit to Sri Lanka in 2014.
With an initial investment of US$ 1.4 billion and an expected overall investment of US$ 15 billion when completed, the Port City is set to be the leading business, retail, residential and tourist destination in South Asia.
The project comprises a total land area of 6.8 hectares, implemented under two phases. The first phase of the CIFC Mixed Development Project, with an investment of USD 450 million and comprising a land area of 3.06 hectares, will consist of the incorporation of a Special Purpose Vehicle (SPV) company, will be jointly managed by Browns Investments and CHEC.
The overall project, which will be implemented in a sustainable and socially-responsible manner, expects to create significant quality employment opportunities across a variety of sectors.
The reclamation of 269 hectares of land from the Indian Ocean was completed in January 2019 and was declared part of Sri Lanka in July 2019 after complying with all necessary formalities including a Parliament resolution.
Infrastructure development covering internal road network, water channel, utility connectivity, 2 km long public beach front and a 14-hectare large Central Park is currently in full-swing and on schedule for completion in 2021 where the PCC is well set to be the leading retail, residential and business destination in South Asia.
Built as an extension of the existing Colombo Central Business District, the PCC had an initial investment of USD 1.4 billion and an expected overall investment of USD 15 billion when completed.
There will be five different precincts in the completed Mixed Development scheme, namely the Financial District, Central Park Living, Island Living, The Marina and the International Island.
Using the latest sustainable city designs and smart city concepts, PCC will be at the cutting-edge of global standards and is anticipated to be a focal point of South Asia.
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