Sri Lanka is constructing $15 Billion Metropolis to Rival Worlds Leading Financial Hubs

Sri Lanka is constructing $15 Billion Metropolis to Rival Worlds Leading Financial Hubs

Sri Lanka is constructing a new Port City on the reclaimed land from the Indian Ocean with the help of Chinese investment fund of $1.4bn. At 665 acres, the size of the metropolis developed will be double of the nation’s capital. Also, the design of the city resembles Dubai, Singapore and Hong Kong.

The plan of creating a city that competes for the world’s leading financial hubs seemed unbelievable a decade ago. And that is because of the history of the country, which had evidenced the brutal civil war from 1983 to 2009 between Tamil Tigers and its military where thousands of citizens had been slain, and the nation had incurred a loss of $200 billion on war.

Port City

Although the idea of creating a Metropolis came in the year 2004, the project work was postponed until after the war.  Prime Minister Ranil Wickramasinghe suspended the project in 2014 due to the fear of the damage to the seashore. However, the plan work started by 2016 with a new rule of environmental securities.

The reclamation efforts of the project are still on track, and China Harbour Engineering Company (CHEC) intends to finish the first phase of infrastructure by 2020. It is said estimated that the entire Port City will be ready in 2041, at which point its costs could reach $15 billion.

Port City-Srilanka-is-buildingDredgers have been used by the construction workers to collect sand from the bottom of the ocean.

The prime aim of CHEC is to add around 17 billion gallons of sand along the shoreline. It is ensured that dredging won’t cause any threat to the aquatic life. This will not produce any effect on the livelihood of local fishers. However, the company has reserved about $7 million to be distributed among fishing associations in 3 years.

Developers have almost finished 90 per cent of reclamation works, and are adhered to complete it by June 2019.

Port City Srilanka

The complete project will boast a top-notch office space, a cultural park, and a shopping plaza.

The heights of buildings decrease in the direction of waterfronts and winds to allow the proper flow of air within the city.  

Also, no industrial activities are permitted in the city. It is designed purposely for residential and commercial use. The city is expected to host around 80,000 occupants and 250,000 daily commuters.

The city will have its legal system and business-friendly tax system and rules to the rest of Sri Lanka.

However, the system is still under the discussion and will need consent from Sri Lanka's parliament and council of ministers.

Source: theguardian.com

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