Chinese President Xi Jinping launches $ 1.4 billion port city

Chinese President Xi Jinping on Wednesday launched 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.

courtesy : AP




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