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* Chinese firm to invest US$ 800 mn to build underground road to Colombo Port City
Fri, Apr 13, 2018, 08:56 pm SL Time, ColomboPage News Desk, Sri Lanka.

Apr 13, Colombo: China Communication Construction Company (CCCC) will invest US$800 million to build an underground road network to Sri Lanka's $1.4bn Port City, Minister of Megapolis and Western Development, Patali Champika Ranawaka has said.

The plan is aimed at alleviating traffic congestion expected when the Chinese-funded Port City development, built on land reclaimed from the sea, is finished.

"Once legal procedure on the new reclaimed land is done, the construction will start," Minister Ranawaka has told Reuters on 11 April.

Reclamation work for the 269-hectare site near Colombo's main port is more than 60% complete, Ranawaka said, adding that it is expected to be complete by the end of the year.

Sri Lanka is will use tax incentives to lure investment into Port City, a project of CCCC through its subsidiary, the state-run China Harbour Engineering Company (CHEC).

Seen by China as a strategic node in its Belt and Road Initiative, Port City will have housing, marinas, health facilities and schools.

Once completed the City will function as a separately governed entity with its own economic and commercial laws to facilitate operations of global multinational corporations.

 

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