China Harbor Engineering Company (CHEC) has signed two Memorandums of Understanding (MoUs) with Sri Lanka’s Ministry of Megapolis and Western Development, the Urban Development Authority and the CHEC Port City Colombo, for funding the Colombo International Finance City (CIFC) Building Complex.

The structure, to be built on reclaimed land of the Colombo Port City Development Project, will comprise an Underground Marine Drive Tunnel also – with the Cabinet giving the approval in principle – connecting the airport highway and Marine Drive in Kollupitiya.

These agreements were signed as 60% of the reclamation work at the Port City and the breakwater construction has already been completed.

The completion of the reclamation and the construction of the breakwater will be done by June 2019.

According to the official statement, the Chinese investment company indicated its willingness to invest a further $1 billion in the construction of the first building complex on reclaimed land.

The Port City project is currently the single largest private-sector development project in Sri Lanka, and it is envisioned to boost the economy alongside the country’s existing development plans with state-of-the-art living, working, public and recreational spaces.

Construction of the Colombo Port City project was launched on 17 September 2014 by Sri-Lankan President Mahinda Rajapaksa and the Chinese President Xi Jinping.