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

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.
Key Facts

• 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.

Month: Current Affairs - August, 2016