The construction work of Sri Lanka’s proposed port city will begin later this year.
The government news agency confirmed that the proposed Port City Development Project at a cost of US$ 15 billion will be implemented on schedule with construction work to commence during the latter part of 2012.
“Whilst the Sri Lanka Ports Authority has invested over US$ 3 billion on all present port development projects (that include Colombo Port Expansion Project, Magam Ruhunupura Mahinda Rajapaksa Port in Hambantota, Galle Port Development, Oluvil Port Project, Trincomalee and KKS Port Development Project), which would create ample investment opportunities for both local and foreign investors, the private sector has already committed to invest approximately US$ 3 billion in the Colombo Port City development project, South terminal, Hambantota free zone and Trincomalee industrial zone,” the SLPA said.
Approximately 230 hectares of water front sheltered by the new breakwater will be reclaimed at an investment of approximately US$ 900 million by a foreign investor. The plan has been given approval by the Standing Cabinet Appointed Review Committee (SCARC).
Dredging Today Staff, July 30, 2012