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Sri Lanka says Chinese-funded port city project to attract $1 billion

Staff Writer |
Sri Lankan Prime Minister Ranil Wickremesinghe said the country will attract $1 billion of investment after completion of the first site of a China-funded massive port city project.

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The Colombo Port City funded by China Communication Construction Company Limited (CCCC) is estimated to cost a total of $1.4 billion with the first site for construction expected to be completed by the end of 2018.

Once the site is ready, investments worth an estimated $1 billion are expected to come into the country from around the world, while the total project is expected to attract billions of dollars worth of investments.

Speaking at the annual meeting of the International Organisation of Securities Commission (IOSCO) and the Growth and Emerging Market Committee (GEM), Wickremesinghe said the investment would strengthen Sri Lanka's position and help the island re-pay its debts.

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