The formalities over the leasing of the land where the Colombo Port city is being built to the CHEC Colombo Port City Ltd., took place before President Maithripala Sirisena today the Presidential Secretariat announced.
In a statement, Sirisena said when he took office there were issues over Sri Lanka’s sovereignty that were raised because the former government of President Mahinda Rajapaksa had agreed to give the Chinese company a freehold over the land that was reclaimed to build the Port City.
The land is now under the ownership of the Urban Development Authority and a lease agreement was signed between the UDA and CHEC Port City.
The ceremony took place in the presence of the President and China’s Ambassador in Sri Lanka Chang Xueyuan.
The Port City will add 269 hectares to Colombo and it is hoped will attract significant foreign investment.