The first investment within the Colombo Port City is expected to commence with USD 1 billion Colombo International Finance Centre (CIFC) Mixed Development Project, the Prime Minister’s Office said on Thursday (17).

The media release issued by the PM’s Office added that ‘momentous agreement’ between Browns Investments, the strategic investment arm of the LOLC Group, and China Harbour Engineering Company Limited (CHEC) was signed this morning in the presence of Prime Minister Mahinda Rajapaksa and Ambassador of China to Sri Lanka Qi Zhenhong.

“Attracting foreign direct investment is a key priority for our Government, and this landmark project is a strong indicator that Sri Lanka is now back in business,” PM Rajapaksa said. “We invite investors from around the world to explore the multitude of investment opportunities that Sri Lanka presents with its strategic location and human resource capabilities.”

The Colombo Port City was the brainchild of PM Rajapaksa, launched during his presidency together with Chinese President Xi Jinping during his state visit to Sri Lanka in 2014, the statement read further. With an initial investment of USD 1.4 billion and an expected overall investment of USD 15 billion, when completed, the Port City is set to be the leading business, retail, residential and tourist destination in South Asia.

“At this crucial moment, China once again demonstrates its confidence in Sri Lanka and commitment to help Sri Lanka’s economic and social development,” said Ambassador Zhenhong. “It’s well believed that the International Financial Centre Project will not only effectively boost the vigorous growth of Sri Lanka’s finance and other industries, but also create more high-quality job opportunities, benefiting the general public and society.”

The project comprises a total land area of 6.8 hectares, implemented under two phases. The first phase of the CIFC Mixed Development Project, with an investment of US$ 450 million and comprising a land area of 3.06 hectares, will consist of the incorporation of a Special Purpose Vehicle (SPV) company, jointly managed by Browns Investment and CHEC.

The overall project, which will be implemented in a sustainable and socially-responsible manner, expects to create significant quality employment opportunities across a variety of sectors, the PM’s Office said further.