Sri Lanka and China sign tripartite agreement to construct Financial City Centre in Colombo

Posted on:16 Aug 2016 09:27:43

Sri Lanka and China sign tripartite agreement to construct Financial City Centre in Colombo
16 August 2016 Current Affairs GK: Sri Lanka and China have signed a tripartite agreement to proceed with the construction of a Financial City Centre in Colombo. The agreement was signed between Sri Lanka’s Urban Development Authority, Ministry of Megapolis and Western Development and China Harbour Engineering Company.

The Colombo International Financial City project aims to transform Sri Lanka into an international financial hub in the Indian Ocean region (IOR). 

It will be the centre of the maritime city which be one of the key phenomenon that will decide the future development of Sri Lanka.

 The project will include central parks and beaches for the public and is expected to create thousands of jobs in the island country. 

The $1.4 billion Port City project initially started construction in September 2014. But it was suspended in March 2015 due to environmental concerns.

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