The Government of Sri Lanka has approved the Chinese-funded Colombo Port City project.
Sri Lankan Ambassador to China Karunasena Kodituwakku confirmed that the delayed 'Colombo Port City Project' is a plan to create a South Asian financial hub funded by China, reports the Lanka Page.
The Sri Lankan government in March 2015 temporarily suspended the 1.4 billion dollar project launched by the previous government in partnership with China in September 2014.
The Colombo Port City is one of China's key projects along the 21st Maritime Silk Road and predicted to be the 'most important South Asian port' under the initiative.
The location of the project will help connect businesses from India, Sri Lanka, Myanmar, Bangladesh, Pakistan and Singapore and the Middle East.
