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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Sri Lanka to go-head with chinese Port City Project

Sri Lanka to go-head with chinese Port City Project

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dsam

dsam
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
The Cabinet has decided to continue with the Chinese-assisted Colombo Port City Project, cabinet spokesman Dr. Rajitha Senaratna said today.

In order to avoid creating a misunderstanding with the Chinese government the cabinet has decided to go ahead with the Port City Project after considering the feasibility study and the environment impact assessment, he told reporters in Colombo.

The Minister of Health also said that President Maithripala Sirisena will discuss the project during his visit to China in March.

The new government had pledged to review Chinese infrastructure projects awarded under the previous administration, including the US$1.5 billion port deal with China Communication Construction Co Ltd.

The government had said it would review the project over concerns about the Chinese company getting land on a freehold basis in a high-security zone.

That port project had been of particular concern for India, the destination for the majority of the transshipment cargo through Colombo.

Former President Mahinda Rajapaksa heavily depended on China for infrastructure and has borrowed over US$6 billion for mega projects since the end of the conflict in May 2009.

Opponents during the election campaign said many of the projects financed with Chinese loans were over-priced, an allegation that helped Sirisena to victory.

China would have suffered heavy losses if the new government had decided to halt the Colombo Port city, which started construction in September 2014.

President Maithripala Sirisena has promised more balanced foreign policy and review all China-aided projects.

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Finally this Government has confirmed what MR did was right.

Teller

Teller
Moderator
Moderator
Thats correct, no one can speedly finish this project like Mahinda rajapaksa did.


_________________




Teller said is said..

Spoon

Spoon
Senior Equity Analytic
Senior Equity Analytic
@Quibit wrote:Finally this Government has confirmed what MR did was right.

Now now, let's not confuse our economics and our foreign policy.

The government cancelling on a major infrastructure project would place very heavy strain on Chinese-Lankan relations that in turn places very heavy strain on all our foreign debt.

kalum


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
This is one good decision of MR gov. all credits should goes to them. We are happy that present gov follow the same steps in development.

omegaplus

omegaplus
Manager - Equity Analytics
Manager - Equity Analytics
This is not saying the project was right, its do with making the right dissuasion related to situation.
As it was started already ignoring impact on environment this was mistake by MR,Like few other projects, Hambantota cricket stadium , airport and soon. And then corruption connected to shoe projects.

But at the moment its already started, and strategy wise SL don't want to make China a big upset.

And environmental harm already done/ happening.

I do hope government will review and try to minimise the envirnmantal impact.

Overall this is not saying what MR did was right, just taking to best option related the situation.

Senior Citizen

Senior Citizen
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Teller wrote:Thats correct, no one can speedly finish this project like Mahinda rajapaksa did.

Teller,

I like your tongue in cheek statement! lol!

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