Sri Lanka, Jan. 15 -- Port City Colombo has secured a US $ 300 million foreign direct investment (FDI) commitment from its primary developer, clearing the way for phase II of the flagship reclamation project and delivering an early boost to Sri Lanka's efforts to revive the long-term capital inflows.

CHEC Port City Colombo, the project's primary developer, said the funding would be deployed for phase II following the completion of key regulatory processes, allowing work to begin on core infrastructure and utilities within Sri Lanka's largest urban development initiative and its first multi-services Special Economic Zone.

"This US $ 300 million phase II investment is a clear and deliberate statement of our long-term commitment to Sri Lan...