Govt.’s first foreign investment of USD 250 mn to be launched

November 24, 2024

political Current Affairs

Govt.’s first foreign investment of USD 250 mn to be launched ^Featured

December 29, 2019

The first foreign investment under the new government of President Gotabaya Rajapaksa is to be launched shortly, states the Ministry of Finance.Issuing a press release, the Ministry stated that this investment will be made on a plot of land located between the Beira Lake and Shangri-La Hotel on Baladhaksha Mawatha in Colombo by a foreign investor called Perennial Real Estate Holdings.

This is a US $ 250 million foreign investment project that will see the construction of a 30-story 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 Mahinda Rajapaksa 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 payment for the leasing, further stated the Ministry.