Sri Lanka’s Foreign Direct Investment (FDI) equity inflow is being resumed with the launching of the first US$ 250 million mixed development project the first such initiative under the new government soon.
The first foreign investment under the new government of President Gotabaya Rajapaksa is to be launched shortly, Finance Ministry announced.
This investment will be made to build 30 storied Commercial Tower on a plot of land located between the Beira Lake and Shangri-La Hotel on Baladhaksha Mawatha in Colombo.
A foreign Perennial Real Estate Holdings will invest US $ 250 million to build a 30-storey commercial tower inclusive of 700 new residencies. In addition it will also have facilities for retail and food outlets.
The Cabinet of Ministers has approved the proposal made by Prime Minister MahindaRajapaksa as the Minister of Finance, Economy and Policy Development to facilitate investment activities for the relevant company.
With the signing of the agreement soon, the land for the project will be leased out to the company and the Government of Sri Lanka will receive US Dollar 43 million as the leasing payment.
(LI)