Government to launch its first $250 million foreign investment

The Ministry of Finance says the first foreign investment under the new government of President Gotabaya Rajapaksa will be launched in the near future.

The Ministry issuing a statement the investment will be made on a plot of land located between the Beira Lake and Shangri-La Hotel on Baladhaksha Mawatha in Colombo by foreign investor, Perennial Real Estate Holdings.

The Finance Ministry said the US $250 million foreign investment project will see the construction of 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 approved the proposal tabled by Prime Minister Mahinda Rajapaksa in his capacity as Minister of Finance, Economy and Policy Development to facilitate investment activities for the relevant company.

With the signing of the agreement, the land for the project will be leased out to the company and the government will receive US $43 million as the payment for the leasing.

(Source: News Radio)