CHEC Port City Colombo (Pvt) Ltd., the primary developer of Port City Colombo, has pledged approximately US$300 million in foreign direct investment to advance Phase II of the Port City Colombo project.
Issuing a statement, the company said this marks a significant investment commitment at the start of the New Year and reinforces confidence in Sri Lanka’s long-term growth prospects.
The investment commitment follows the completion of the relevant regulatory processes and enables the next phase of development of Sri Lanka’s largest and most significant urban development initiative.
The US$300 million infusion underscores CHEC Port City Colombo’s continued confidence in Sri Lanka’s economic recovery and its commitment to the long-term delivery of the project.
“This US$300 million Phase II investment is a clear and deliberate statement of our long-term commitment to Sri Lanka. We are not approaching Port City Colombo as a short-term development, but as a generational project aligned with the country’s future growth”, said Mr Xiong Hongfeng, Managing Director, CHEC Port City Colombo (Pvt) Ltd. “Our decision to continue infusing capital via FDI reflects strong confidence in Sri Lanka’s economic direction and in the role Port City Colombo will play in supporting investment, enterprise, and employment in the years ahead.”
The Phase II investment will support the continued development of core infrastructure and utilities within Port City Colombo, Sri Lanka’s first multi-services Special Economic Zone (SEZ).
These developments are intended to facilitate increased investment activity, support enterprise formation, and generate sustained employment across construction, services, and related sectors, the company further said.
CHEC Port City Colombo’s continued long-term investment reflects its firm commitment to seeing the project through to full completion and represents a long-term commitment to Sri Lanka’s future, strengthening FDI inflows, supporting employment and encouraging broader economic spill overs, whilst positioning Port City Colombo as a strategic platform for globally oriented, high-value services aligned with national development objectives, it added. (Newswire)