Press briefing of Cabinet Decision taken on 2020-06-17

Granting the Strategic Project Development Status and incentives for the proposed investment in Colombo Port City by CHEC Port City Colombo (Private) Limited

- A Tri-Partite agreement has been signed in August 2016 between the Government of Sri Lanka, the Urban Development Authority and the locally incorporated CHEC Port City Colombo (Pvt.) Ltd. and accordingly actions have been taken to reclaim 440 hectares of land under the said project. In terms of the provisions of the relevant agreement, an extent of 116 hectares of land from the said extent has to be leased to the Project Company CHEC Port City Colombo (Pvt.) Ltd. Accordingly, the said Company has submitted a proposal to the Board of Investment of Sri Lanka to implement a mixed development project comprising of 05 pillars / buildings in an area of 6.8 hectares out of the extent of land proposed to be given on lease. The project with an investment of US$ 01 billion is proposed to be implemented in two phases comprised of first phase for US$ 400 million and the second phase for US$ 600 million. Considering the strategic importance and the magnitude of the project, the Cabinet of Ministers approved the proposal submitted by the Minister of Industrial Exports and Investment Promotion for the publication of relevant Gazette Notifications under the Strategic Development Projects Act, enabling to provide incentive allowances relevant for the said investments in terms of the provisions of the Strategic Development Projects (Amendment) Act, No.14 of 2008 and the Sri Lanka Board of Investment (Amendment) Act, No.4 of 1978.