Sri Lanka and China signed a tripartite agreement to proceed with the construction of a mega multi billion dollar port city project in capital Colombo, Xinhua reported. 
The agreement was signed between Sri Lanka's Urban Development Authority, the Ministry of Megapolis and Western Development and the China Harbour Engineering Company. 
With the signing of the agreement, the Colombo Port City Development Project was newly renamed as the Colombo International Financial City with the government stating that the project would transform Sri Lanka into an international financial hub in the Indian Ocean region. 
The 1.4 billion dollar Port City project which initially began construction in September 2014 under the former government was suspended in March 2015 by President Maithripala Sirisena's government due to environmental concerns. 
However in March 2016, the project was given the nod from the government stating that the project would convert Sri Lanka into an international hub in the region. 

Source : QNA