China welcomes Sri Lanka's decision to go ahead with port project

Saturday, 07 February 2015 - 13:06

China welcomed new Sri Lankan government's decision to go ahead with the controversial 1.5 billion dollar Colombo Port City project funded by it, calling the country an important partner in implementing its mega Maritime Silk Road project in South Asia.

The port, expected to play a key role for China's ambitious Maritime Silk Road project in India's backyard, is being seen as the single largest private sector development ever in the island.

The project involving the 233 hectares of reclaimed land in capital Colombo was cleared by the new Sri Lankan government after expressing reservations over its environmental impact.

The deal included state-run China Communications Construction Co Ltd, taking over 108 hectares including 20 hectares on an outright basis and the rest on a 99-year lease.

A detailed discussion is expected to be held during new Sri Lankan President Maithripala Sirisena proposed visit to Beijing in March.