China to invest a further US$1 billion in Sri Lankan harbour megaproject
Money will be used to build three 60-storey buildings at Colombo International Financial City development
China will invest US$1 billion in the construction of three 60-storey buildings at a megaproject near Sri Lanka’s main port, Colombo said on Tuesday, as Beijing seeks to boost its influence in the Indian Ocean.
The deal follows an earlier Chinese investment of US$1.4 billion to carry out reclamation work for the wider Colombo International Financial City development, located next to Sri Lanka’s harbour, the only deep sea container port in the region.
The countries hope the project, initiated by former Sri Lankan President Mahinda Rajapaksa, will create a financial centre in the Indian Ocean comparable with those in Singapore and Europe, drawing billions in foreign investment and thousands of jobs.
Sri Lankan officials said 60 per cent of the 269 hectare reclamation, which will include a yacht marina, had already been completed, with the remainder expected to finish next year. No completion date was given for the buildings.
