President Gotabaya Rajapaksa yesterday visited the Colombo Port City, which is officially known as Colombo International Financial City (CIFC) and observed the ongoing construction on reclaimed land.
Attention was drawn to the Colombo Port City plan at the National Law Conference which was inaugurated by the President on Friday.
The extension of the capital Colombo city changing the map of Sri Lanka is being built on land reclaimed from sea adjacent to the Galle Face Green between the southern edge of the new Colombo South Port and the Fort Lighthouse.
The China Communication Construction Company which has undertaken the reclamation of land and the construction of the basic infrastructure, is expected to spend $ 1.4 billion for the project. Another $ 15 million will be spent on the construction of building complexes.
The draft legislation relating to the new land has been referred to a special committee for study. The city will be declared as a special economic zone after the legislation is presented to Parliament. Colombo Port City will be the first special economic zone for services.
The Ministry of Urban Development, Urban Development Authority and CHEC Port City Colombo Ltd. implemented the project under a tripartite agreement.
Construction of the buildings will commence by the middle of this year. The first phase is expected to be completed in 2023.