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Sri Lanka’s Chinese backed US $ 1.4 Bn, 665 Acre Port City could be Governed by Own Legal System – Report


Sri Lanka’s China backed, US $1.4 billion 665 acre new metropolis coming up adding nearly 2.6 square kilometers to 65,610 square kilometer South Asian island, ‘Could be also be governed by its own legal system, and the system is still being discussed and will require approval from Sri Lanka’s parliament and council of ministers’ a recent report in Singapore’s and India’s Business Insider points out.

“CHEC Port City Colombo (Pvt) Ltd, the new city is expected to host about 80,000 residents and 250,000 daily commuters and it Could be also be governed by its own legal system, the system is still being discussed and will require approval from Sri Lanka’s parliament and council of ministers” Business Insider reveals in the last few sentences in a report that extensively elaborate on the future of Sri Lanka’s Port City.

“The full project, scheduled for completion in 2041, could end up costing about US $ 15 billion. At 665 acres, the Port City development could double the size of the nation’s capital” the report notes adding that Sri Lanka’s $1.4 billion Port City development has elicited parallels to numerous major urban centers.The report further notes that the project is about the same size as central London, but its design resembles that of cities like Hong Kong, Singapore, and Dubai.

Report goes onto reveal that a decade ago, the idea of a Sri Lankan city that rivaled the world’s leading financial hubs seemed implausible and from 1983 to 2009, the nation was ravaged by a brutal civil war between its military and an insurgent group called the Tamil Tigers.

“By the end of the conflict, hundreds of thousands of civilians had been killed and the city had spent more than US $ 200 billion on war costs” the report notes adding that less than 10 years later, the nation has devised a plan for bringing jobs and economic opportunity to its capital city, Colombo. The most populous city in Sri Lanka, Colombo has about 750,000 residents in its urban core.

“Through the development of a new metropolis inside the capital, officials estimate that Colombo could eventually double in size” the report highlights. It further notes that though the concept of Port City originated in 2004, its plans were delayed by the war.

“Sri Lanka went on to see an influx of Chinese investment, which the country put toward major infrastructure improvements. The partnership ran into trouble when Sri Lanka had difficulty repaying its debt, however, while China was accused of using its investments to wield political influence” Business Insider notes in the report.

It goes into recall that in 2014, Prime Minister Ranil Wickramasinghe suspended the Port City project, citing concerns about damage to the coastline. This angered the project’s investor, China Communications Construction Company, which claimed to be losing $380,000 a day while the development was in limbo. By 2016, the plan was back in motion with a new set of environmental protections.

According to the site’s developer, China Harbour Engineering Company, the project is still on track to complete its reclamation efforts and the first phase of infrastructure by 2020. Port City is set to be finished in 2041, at which point its costs could reach $15 billion.

Report goes into explain that to build the city, developers are using dredgers to gather up sand from the bottom of the ocean and China Harbour Engineering Company plans to add 65 million cubic meters (about 17 billion gallons) of sand along the shore. Environmental groups have raised concerns about the destruction of aquatic life, which could damage the livelihood of local fishermen. But developers contend that dredging won’t pose a threat.

According to the report China Harbour Engineering Company recently obtained a permit allowing it to dredge 5 kilometers from the coastline and only at depths at or below 15 meters. The organization is also prohibited from dredging in areas near reef habitats or fishing grounds. To account for the economic cost to local fishermen, the company has set aside nearly US $ 7 million to be distributed among fishing associations over three years. Developers have completed more than 90% of their reclamation efforts, putting them on track to finish by June 2019.

“The project has received a $1.4 billion investment, but the sand alone could cost more than double that amount” the report also highlights publishing some high quality images on what it could be looked like in the future. Colombo’s Centre for Environmental Justice estimates that the development will require about 100 million cubic meters of sand, worth about US $ 3.2 billion. The financial district features high-quality office space, a shopping plaza, and a cultural park. A “central park” borders the main canal, providing space for outdoor recreation and events. The development calls for 110 acres of public parks and 300 acres for recreation and water sports. Building heights decrease in the direction of prevailing winds and waterfronts, allowing for increased air circulation within the city. The city is designed specifically for residential and commercial use — no industrial activities are allowed. Development officials say other planned projects in Sri Lanka will satisfy the need for industrial space. Transit developments and walkways are meant to connect residents to local landmarks like Galle Face Beach, Beira Lake, and Viharamahadevi Park.