China and Sri Lanka decide to make Port City into a financial hub as part of 20 year plan

China and Sri Lanka have decided to redefine the controversial Colombo Port City project by making it an international financial outpost in the Indian Ocean, as part of the 20-year framework plan.

An upbeat Sri Lankan Prime Minister Ranil Wickremasinghe said during a media conference on Saturday that from a real estate project, a decision has been taken to develop the Port City into a financial hub in the Indian Ocean. “Sri Lanka has been planning to establish a financial and business hub in the Indian Ocean and we selected the port city to be the location (for this). So from a landfill and real estate (project), it has become a financial hub.”

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(Source: The Hindu)

Lanka, China agreed to speed up port city project

After stalling the Colombo Port City project for a year, Sri Lanka and China had agreed to "speed up" the USD 1.5 billion Chinese-funded venture besides endorsing the ambitious Maritime Silk Road, the PTI reported today. Prime Minister Ranil Wickremesinghe - who received a red carpet welcome at the Great Hall of People - held talks with his Chinese counterpart Li Keqiang after which the two sides signed seven agreements.

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(Source: Daily Mirror)