ECONOMYNEXT – Sri Lanka will extend the CHEC Port City Colombo (Pvt) Ltd project completion date by two (2) years, cabinet spokesman Bandula Gunawardena said.
The then Ministry of Megapolis and Western Development, Urban Development Authority and CHEC Port City Colombo (Pvt) Ltd signed a tripartite agreement in 2016 with a target completion date of June 5, 2025.
However, due to the pandemic, and the project company’s financial constraints and inability to generate sufficient revenue to meet obligations to creditors, the project will not be completed on time, the minister said.
“Therefore the period of implementation of the Colombo Port City Development Project will be extended to June 5, 2027 with the signing of a supplementary agreement between the Ministry of Investment Promotion, Colombo Port City Economic Commission and CHEC Port City Colombo (Pvt) Ltd company,” Gunawardena told reporters on Thursday.
Earlier this month Sri Lanka’s Export Development Board signed an agreement with CHEC Port City Colombo to attract and facilitate export-oriented businesses. (Colombo/May23/2024)