China to build Colombo CBD under ‘Belt and Road Initiative’

China Communications Construction will build Colombo’s CBD along its coastline by 2030, which will create 80,000 jobs. Initial investment is US$1.4 billion

Reading Time:3 minutes

Sun Ziyu, vice president of China Communications Construction Photo: Simon Song

Published: 8:01am, 10 May 2017Updated: 10:09am, 10 May 2017

China is building a new city along Colombo’s coastline that will become the city’s central business district by 2030, creating 80,000 jobs for Sri Lankans, under the mainland’s “Belt and Road Initiative”.

“Sri Lanka is in urgent need of a high-end platform to attract financial institutions, multinational companies, shoppers, tourists as well as provide jobs for well-educated locals as a part of its post-war reconstruction. The Port City project is planned in the best interests of Sri Lanka,” said Sun Ziyu, vice president of China Communications Construction Company (CCCC) in an interview with the South China Morning Post.

The site where the US$13 billion Colombo Port City project in Sri Lanka will be developed. Photo: SCMP handout

With an initial investment of US$1.4 billion, Colombo Port City is China’s biggest project in Sri Lanka, a key node along the Maritime Silk Road of the Belt and Road plan.

Sun said the development within Sri Lanka’s biggest commercial city, which will be built on 269 hectares of reclaimed land, would accommodate 200,000 residents and consists of apartments, hotels, offices, shopping malls, exhibition centres, as well as provide 80,000 new jobs. It is expected to be completed by 2030.

Sun said the reclamation work had helped transform the area’s coastline which was previously hit by strong winds blowing towards the Indian Ocean that made it less livable.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x