China and Sri Lanka have decided to redefine the Colombo Port City project by making it an international financial outpost in the Indian Ocean, as part of the 20-year framework
- Once the Port comes to operation it will be the bigger city in the Indian Ocean where there will be more opportunity of infrastructure development by Chinese and other companies.
- The two sides will use the development of a 21st Century Maritime Silk Road as an opportunity to further advance infrastructure development, promote joint ventures and expand cooperation in the areas of economy, culture, science and technology and people to people contacts.
- The port project will not have any impact on Indian security.The total area of sea to be reclaimed is 450 acres.
- It will be a joint venture with a Chinese company and a Sri Lankan company to put 40 per cent out into the stock market.
Colombo Port City
- Colombo Port Cityis a planned in Colombo,which is to be built on reclaimed land adjacent to the
- The Port is to be constructed between the southern edge of the new Colombo South Port and the Fort Lighthouse. The budget is estimated to be US$1.5 billion.
- Capital: Colombo
- Currency: Sri Lankan Rupee