Chinese President Xi Jinping inaugurates Colombo Port City

September 17, 2014 12:20 pm | Updated December 04, 2021 11:28 pm IST - COLOMBO

Chinese President Xi Jinping on Wednesday inaugurated a $1.4 billion port city being built on an artificial island near Colombo.

The Colombo Port City, funded largely by Chinese loans, is designed to become a key link in a maritime route China hopes will boost trade with Europe.

Mr. Xi and Sri Lankan President Mahinda Rajapaksa cut a ribbon to officially launch the project during a ceremony.

Aside from offering a base to international shippers, the port city is expected to ease traffic and congestion in Colombo’s busy business district.

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