14.8.16

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

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


Sri Lanka and China have finally signed a tripartite agreement to proceed with the construction of a Financial City Center in capital Colombo. However, Sri Lanka's Urban Development Authority, the Ministry of Megapolis and Western Development and the China Harbor Engineering Company Ltd signed the agreement for the development ofColombo International Financial City (CIFC) formerly known as the Colombo Port City.

The USD 1.4 billion Port City project which initially began construction in September 2014 under the former government was suspended in March 2015 by President Maithripala Sirisena's government due to environmental concerns. However, in March 2016, the project was given a nod from the government stating that the project would convert Sri Lanka into an international hub in the region. The project which has now been expanded to 269 hectares under the new Tripartite agreement will include central parks and beaches for the public.

So let's discuss some questions related to this post:
1. Name the country with which Sri Lanka has signed the tripartite agreement to construct Financial City Center in Colombo?

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