First building in Lankan Port City project by this year

China will invest $1bn to construct the first building complex in Sri Lanka’s Port City project in capital Colombo this year, Sri Lankan Minister of Megapolis and Western Development Champika Ranawaka said. The Port City project is being constructed close to the Colombo Harbour by China Communications Construction Co, the parent company of China Harbour Engineering Company (CHEC), and will attract billions of dollars as investments in the coming years.Ranawaka said that in order to kick-start investments, CHEC this year would invest and construct three 45-storey buildings, which would be part of the International Financial Center in the Port City, Xinhua reported.He said, “To facilitate the construction of the building complex, we have done a comprehensive environmental and social impact assessment, and a new piece of legislation for the Port City will be passed in parliament by April or May. The physical work of the building complex will commence in the mid of this year.”He added that CHEC would also invest in the construction of the underground tunnels connecting Colombo city to the Port City.However, the underground tunnel will provide a north-south link through one of the busiest traffic areas of Colombo, and will provide an underground road connection to the road network of the Port City as well.He further added that two memoranda of understandings for the building complex project and the tunnel project had been signed between Sri Lanka and China.Meanwhile, the Colombo Port City project will consist of 269 hectares of reclaimed land and will be the first of its kind in South Asia.Australian aid to improve Lanka reforms: Australia has provided a grant of A$31mn for Sri Lanka’s governance initiatives from national to local level to support economic reforms, strengthen public sector service delivery especially for women and people with disabilities and urban planning.Australia and Sri Lanka have signed a ‘subsidiary arrangement’ for grant assistance to work together on strengthening governance in Sri Lanka through the four-year programme valued at Rs3,850mn, a finance ministry statement said. “The Governance for Growth Programme aims to support Sri Lanka’s efforts to increase economic growth and spread the benefits of that growth to reduce poverty and inequality in the country,” it said. The programme will support activities that improve the policy formation and delivery capabilities of government at national, provincial and local levels to bring about inclusive economic growth. Some of the activities under the programme include a partnership with the World Bank to support the Sri Lankan government’s implementation of national economic reforms.It includes work with The Asia Foundation to strengthen public sector service delivery at the subnational level, including for women and people with disabilities, the statement said.“The programme will also provide opportunities for research collaboration and building of institutional linkages to support the quality of Sri Lanka’s economic decision-making and public service delivery.”