Press briefing of Cabinet Decision taken on 2019-04-30

Signing of a Lender Direct Agreement between the Government of Sri Lanka (GOSL), CHEC Port City Colombo (Private) Limited and the China Development Bank in respect of the Colombo Port City Development Project

- A tripartite Lender Direct Agreement has been signed between the Government of Sri Lanka (GOSL), CHEC Port City Colombo (Private) Limited and the China Development Bank in respect of the Colombo Port City Development Project. In accordance with the provisions of the said agreement, the Government of Sri Lanka should provide the necessary assistance for the CHEC Port City Colombo (Private) Limited to enter into an agreement with the debtors. The CHEC Port City Colombo (Private) Limited has planned to obtain a long term loan facility from the China Development Bank for the development activities of the project. Accordingly, the proposal made by Hon. Patali Champika Ranawaka, the Minister of Megapolis & Western Development, to sign the loan agreement to be entered into with the said Bank, the Ministry of Megapolis & Western Development and the Project Company, was approved by the Cabinet.