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Maithripala Sirisena, the president of Sri Lanka announced on January 29th a $40 billion massive development project. The project is to build a new city over the next 15 years to attract more foreign investors.
The project is expected to include industrial parks, sports complexes, IT centers and other infrastructure services. The new metropolitan city will be covering over 3,700 square kilometers.
However there is a massive question mark whether this project is feasible due to the national debt of Sri Lanka. The situation gets more serious because of the large budget deficit.
The main focus of the project is to gain more foreign investments from well capable countries in Asia like China and India.
No details of the project has been unveiled yet.
According to the president this is the first step initiated by the new government to make Sri Lanka a developed nation.
The government hopes to win parliamentary approval for this project within the next six months and start working on the project by end of 2016.
The projects also includes $1.4 billion real estate project, funded by China. This project was suspended by the government last year because of lack of proper permits but resumed after getting the approval of the government.
The projects also includes apartments, shopping malls, hotels, golf course and etc.
Sri Lanka to start $40 Billion Massive Development Project
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