Sri Lanka has granted approval for a $1.4 billion Chinese-backed real estate project in Colombo to resume construction next week, ending a year-long delay, Chinese state news agency Xinhua reported on Thursday.
Sri Lanka’s international trade minister, Malik Samarawickrama, was quoted by Xinhua as saying cabinet had granted approval for the project, which is funded by China Communication Construction Company (CCCC) and locally handled by CHEC Port City Colombo (Pvt) Ltd.
“They can go ahead and start work as all our matters pertaining to the project have been resolved. Next week we will officially inform the Chinese company,” he said.
CCCC was not immediately available to comment outside office hours.
President Maithripala Sirisena’s new government suspended the project, which includes apartments, shopping malls, a water sports area, a golf course, hotels and marinas next to Colombo’s main port, in March last year citing various irregularities including a lack of proper permits and approvals.
CCCC had estimated when the project was suspended in March that the shutdown would result in losses of more than $380,000 a day.
(Reporting by Brenda Goh; Editing by Michael Perry)