Extending the Tripartite Agreement signed among Ministry of Megapolis & Western Development, Urban Development Authority and CHEC Port City Colombo, two MOUs were signed in Beijing for funding of the Colombo International Finance City (CIFC)Building Complex on the reclaimed land of Colombo Port City Development Project and the Underground Marine Drive Tunnel connecting Airport Highway and the Marine Drive at Kollupitiya.
These two MOUs were signed in the presence of Hon. Patali Champika Ranawaka, Minister of Megapolis & Western Development, H.E. Dr Karunasena Kodituwakku, Ambassador of Sri Lanka in China, Mr. Vidya Amarapala, Senior Advisor to the Minister of Megapolis and Western development Mr. Nihal Fernando, Project Director of the Port City Project and Mr. Jiang Houliang, Managing Director of CHEC Port City Colombo Ltd.
It was observed that 60% of the reclamation work at the Port City and the breakwater construction has already been completed and that the reclamation and the construction of the breakwater would be completed by June 2019. The Chinese investment company indicated their willingness to invest further US$ 1.00 billion in the construction of the first building complex on the reclaimed land.
According to the provisions of the Tripartite Agreement, the Ministry of Megapolis & Western Development made a request to the project company to look into the possibility of further investing on BOT basis to connect the elevated airport highway from Chaithya at the A1 Gate of the Colombo Harbour to the Marine Drive at Kollupitiya. Preliminary investigations have indicated that the road connection has to be implemented as an underground tunnel connection. The Cabinet has approved in principle the signing of these two MOUs.
With the construction of the underground tunnel connection, the Galle Face Green will be further extended towards the sea as a public facility.
Embassy of Sri Lanka
Beijing
23rd January 2018
