Sri Lanka is building a $15 billion metropolis to rival cities like Hong Kong and Dubai

Drone footage of the project's four dredgers. CHEC Port City Colombo (Pvt) Ltd
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The metropolis is being built with a $1.4 billion Chinese investment

 

Sri Lanka’s $1.4 billion Port City development has elicited parallels to a number of major urban centers. At 665 acres, the project is about the same size as central London, but its design resembles cities like Hong Kong, Singapore, and Dubai.

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A decade ago, the idea of a Sri Lankan city that rivaled the world’s leading financial hubs seemed implausible. From 1983 to 2009, the nation was ravaged by a brutal civil war. By the end of the conflict, hundreds of thousands of civilians had been killed and the city had spent more than $200 billion on war costs.

Less than ten years later, the nation has devised a plan for bringing jobs and economic opportunity to its capital city, Colombo. Through the development of a new metropolis inside the capital, officials estimate that Colombo could eventually double in size. Already, Colombo is the most populous city in Sri Lanka, with around 750,000 residents in its urban core.

CHEC Port City Colombo (Pvt) Ltd

Though the concept of Port City originated in 2004, its plans were delayed until after the war. Around that time, Sri Lanka saw an influx of Chinese investment, which the country put toward major infrastructure improvements.

According to the site’s developer, China Harbour Engineering Company (CHEC), 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.

Colombo International Financial Centre
CHEC Port City Colombo (Pvt) Ltd
CHEC Port City Colombo (Pvt) Ltd
CHEC Port City Colombo (Pvt) Ltd
CHEC Port City Colombo (Pvt) Ltd
CHEC Port City Colombo (Pvt) Ltd
An aerial rendering of Port City
CHEC Port City Colombo (Pvt) Ltd

Source: www.businessinsider.co.za