CHEC Port City Colombo (Pvt) Ltd, a unit of China Harbour Engineering Corporation said. it will invest another 300 million US dollars in the reclaimed special economic zone in Sri Lanka’s capital Colombo.

CHEC Port City Colombo has already invested 1.25 billion US dollars in reclaiming land from the sea and building infrastructure including utilities and bridges.

“We are not approaching Port City Colombo as a short-term development, but as a generational project aligned with the country’s future growth,” Xiong Hongfeng, Managing Director, CHEC Port City Colombo (Pvt) Ltd said a statement.

“Our decision to continue infusing capital via FDI reflects strong confidence in Sri Lanka’s economic direction and in the role Port City Colombo will play in supporting investment, enterprise, and employment in the years ahead.”

The 300 million will be used for continued development of core infrastructure and utilities within Port City Colombo, the company said.

CHEC Port City is recovering its investment by selling leasehold land. The Sri Lanka government will also sell some of the land to generate revenue. ( Source – ECONOMYNEXT )