BUSINESS Colombo Port City land officially vested in UDA

BUSINESS

Colombo Port City land officially vested in UDA

Xinhua

14:33, October 30, 2019

Sri Lankan President Maithripala Sirisena (R) attends a deeds transferring ceremony at the Presidential Secretariat in Colombo, Sri Lanka, on Oct. 29, 2019. (Photo: Xinhua)

Sri Lankan President Maithripala Sirisena and Chinese Ambassador to Sri Lanka Cheng Xueyuan on Tuesday observed the official transfer of deeds for 269 hectares of land reclaimed in the Colombo Port City Project to Sri Lanka's Urban Development Authority (UDA) in capital Colombo.

Speaking at a ceremony held at the Presidential Secretariat, President Sirisena said the project was a valuable long-term investment for the Sri Lankan economy and expressed hope that the Port City would attract higher volumes of Foreign Direct Investment to further the development of the country.

According to the agreement reached between the Sri Lankan government and CHEC Port City Colombo, all 269 hectares of reclaimed land will be owned by the Sri Lankan government, with 91 acres for public use, 62 acres of commercial use and 116 acres to be leased by the UDA to CHEC Port City Colombo on a 99 year lease for further development.

In July, the Sri Lankan parliament approved a motion to include the Colombo Port City within the Colombo district limits.

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