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China-backed port city in Colombo
Why is it in news?
- Over 650 acres of land off Colombo’s seafront has been reclaimed for a China-backed $1.4 billion port city development.
More in news
- Part of ‘One Belt, One Road’ initiative in Sri-Lanka:(1) Colombo Port City Project is an important project of the ‘One Belt, One Road’ initiative in Sri-Lanka, which is one of the key countries along the maritime silk route.(2) It is also an important project to implement the consensus of China and Sri Lanka.
- Total investment:(1) The total investment is expected to go up to $15 billion when the project is completed.(2) It likely to draw about $15 billion in investment after completion.
- Galle Face(mega port city): The plan for mega port city — adjoining Colombo’s iconic sea front called the Galle Face — envisages plush offices, residential units, education and hospital facilities and a “central park”, to make it a “financial hub”, linking markets and investors across Asia.
- Trading hub: The Sri Lankan government has pledged its support to China’s ambitious OBOR initiative, with the hope of promoting the island as a trading hub in the Indian Ocean region.
Source
The Hindu