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Mahinda Rajapaksa met a little thero

11 March 2016

Cabinet gives go-ahead to recommence Port City project


All outstanding issues pertaining to Colombo Port City project with Chinese government and the company handling the project have been resolved, Minister of International Trade Malik Samarawickrama told Ada Derana. 
He stated that Cabinet approval has been granted to recommence the port city project since the the Environmental Impact Assessment (EIA) report has also been approved.
The project has been suspended from February 2015 over environmental issues while a comprehensive environmental impact assessment was called. 
The Cabinet Committee on Economic Management has recommended allowing resumption of the project subject to limitations and conditions stipulated in the EIA report, the government said in a statement. 
Accordingly, the proposal made by Prime Minister Ranil Wickremesinghe, to extend the project agreement for a further period of six months from 15 March 2016, was approved by the Cabinet of Ministers. 
The Sri Lankan company CHEC Port City Colombo (Pvt) Ltd, which is handling the project for Chinese investor, China Communications Construction Co Ltd (CCCC), signed the original deal under the then government of Mahinda Rajapaksa.
All construction work on the Colombo Port City came to a halt following the newly-elected Government’s official communication on 6th of March 2015 to temporarily suspend ongoing work of the project, with immediate effect.
As a result of the immediate suspension, over 200 meters of the breakwater constructed for the project, was damaged and the company was unable to take measures to protect the reclaimed land area. The permission to carryout protective work on the site was granted following a request made by CCCC to the Sri Lankan Government.
CCCC invested 1.4 billion USD to build the Colombo Port City and it is the single largest privately funded Foreign Direct Investment to date, in Sri Lanka.
As a result of the project’s suspension, CCCC estimates an initial direct loss for the company of over USD 380,000 per day. Further the interest on the financial loan obtained by the company for the development of the project has to be paid, regardless of the ongoing suspension.
The Colombo Port City project, which is a 100% privately funded FDI by CCCC, began construction following the signing of an Agreement with the Government of Sri Lanka on 16 September 2014.

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