99-year land lease for the development of investment projects

Deputy Mayor of Colombo, Muhammad Iqbal, stated that the Sri Lankan government’s plan to develop investment projects in the country is not feasible for the national economy, especially with the handover of 3 high-value plots of land in Colombo, for projects based on a 99-year lease. Iqbal warned that the long-term bid would put the country’s fate in confusion, stressing that the government is in the process of granting many properties located in the Fort area to investors due to its location near the port city. Meanwhile, Mr. Duminda Nagamuwa, Propaganda Secretary of Frontline Socialist Party, indicated that China is seeking to place Sri Lanka within the framework of its economic plan as a center for the implementation of the Belt Road project, adding that China’s political and economic influence in Sri Lanka was evident during the recent elections. The lease of the SLECC premises is valued at Rs. 3.7 billion while the leases of the People’s bank brand and Sathosa warehouse are at Rs. 1.3 billion and Rs. 1.6 billion respectively.