New port city planned

Between Galle Face, Kollupitiya:

Parliamentary corrs

A feasibility study has been undertaken to reclaim 300 to 400 acres of land from the sea between Galle Face to Kollupitiya, stated Port and Highways Deputy Minister Rohitha Abeygunawardena in an answer tabled in Parliament.

The answer also stated that the new Port City will be planned and developed as a modern city to establish an economic centre in Colombo addressing the constraints related to the haphazard development of buildings and road network in the existing Colombo city.

The answer also stated that a team of professionals from the Moratuwa University and Sri Lanka Ports Authority (SLPA) is conducting the feasibility study.

The answer further stated that the approximate project cost was estimated as US dollars 300 million. It also said the investors have not yet been decided by the Sri Lanka Ports Authority. The answer said the project cost could be recovered in three to five years and the payback period cannot be declared as the funding source has not yet been finalized.

The answer also said the New Port City will enhance investment opportunities on pace with the Colombo Port Expansion Project enabling the country to reach mega economic targets.