COLOMBO: Sri Lanka has taken this initiative to rival cities like Hong Kong, Singapore and Dubai. Sri Lanka is going to be utilizing $1.4 billion Chinese investment to start building a new metropolis.
The project has acquired land of approximately 665 acres. The ‘Port City’ developments can double the economy of the country. And can open new sources of investment inflows in the country.
Though the concept of Port City originated in 2004, it plans were delayed due to the war. The full project is scheduled for completion by 2041.
The most populous city of Sri Lanka, Colombo has about 750,000 residents in its urban core of the city. According to officials, the development of the new Port City can:
“Double the size of the city”
Colombo Port City in Sri Lanka, will be a modern city district for about 40,000 residents and an equal number of job opportunities. The city district, which will be located on filled in land between the old city centre and the new industrial port, features residences, schools, offices, hotels and commercial space.