In an update given by China, investors have been notified by the Sri Lankan government’s Ministry of Ports and Shipping that the US$1.4 billion Colombo Port City construction project could resume immediately, following its suspension in March, 2015 and February, 2016, according to IHS Fairplay.
China announced the launch of a US$1.4 billion port city project in Sri Lanka at the end of 2014.
The Ministry said in a letter: “At its meeting held on March 9, 2016, the Cabinet of Ministers has granted approval for the project to resume immediately.
“Accordingly, the suspension affected by my letter dated March 6, 2015, is hereby withdrawn with effect from today.”
It was previously reported by PTI that the port city project was likely to be given the go-ahead after it was stalled earlier in 2015.
When the project first obtained a large slice of funding for the project in 2011, the aim of the port city was to attract larger vessels into Colombo.