admin April 1, 2016

Sri Lanka has granted permission for China to build a vast “port city” in the island’s capital, despite concerns the ambitious project could be an environmental disaster, according to The Guardian.

President Maithripala Sirisena had suspended the contentious $1.4bn plan to build on reclaimed land next to Colombo’s main harbour shortly after taking power in January last year.

But the port city, initiated by Chinese president Xi Jinping in September 2014 and expected to include housing, a marina and a Formula One racetrack, was again given the green light on Thursday.

“The cabinet committee on economic management has recommended allowing resumption of the project subject to limitations and conditions stipulated in the EIA (environmental impact assessment),” the government said in a statement.

The project, funded by Chinese state-owned company China Communications Construction, represents the biggest single foreign investment ever received by Sri Lanka.

It will add 233 hectares (575 acres) of new real estate in the congested capital.

Source: Azer tag