String of Pearls: China to invest $1 billion in Sri Lankan mega project

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Source: Economic Times

China will invest $1 billion in the construction of three 60-storey buildings at a mega-project near Sri Lanka’s main port, Colombo said Tuesday, as Beijing aims to boost its influence in the Indian Ocean.

The deal follows an earlier Chinese investment of $1.4 billion to carry out reclamation work for the wider Colombo International Financial City development, strategically located next to Sri Lanka’s harbour, the only deep sea container port in the region.