Sri Lanka will extend the completion date for the CHEC Port City Colombo (Pvt) Ltd project by two years, according to Cabinet spokesman Bandula Gunawardena.
Originally, the Ministry of Megapolis and Western Development, the Urban Development Authority, and CHEC Port City Colombo (Pvt) Ltd had signed a tripartite agreement in 2016, aiming to complete the project by June 5, 2025. However, delays caused by the pandemic, financial constraints, and the project's inability to generate sufficient revenue to meet creditor obligations have necessitated an extension.
"The implementation period for the Colombo Port City Development Project will now be extended to June 5, 2027," Gunawardena announced. This extension will be formalized through a supplementary agreement between the Ministry of Investment Promotion, the Colombo Port City Economic Commission, and CHEC Port City Colombo (Pvt) Ltd.
Earlier this month, Sri Lanka’s Export Development Board signed an agreement with CHEC Port City Colombo to attract and facilitate export-oriented businesses, highlighting ongoing efforts to bolster the project’s economic prospects.
