Colombo International Financial City: impacts on the city of Colombo

After the 30-year civil war in Sri Lanka, the country experienced quite significant economic development. Investments from abroad have intensified, promoting development in different sectors, thus increasing the country’s socio-economic conditions.

Several countries then turned to the Ceylon country, knowing that the investment potential would have significant short, medium and long-term economic benefits.

The largest foreign direct investments are mainly from China, England, the United States, Singapore, the Netherlands, Hong Kong, India and Japan. China is by far the most heavily invested country in Sri Lanka. With two known mega projects, China is very present in the country and all Sri Lankans are increasingly aware of the advantages and disadvantages of such investments. 

“Colombo International Financial City” is the last known mega project in the country. Many compare it to Dubai, because it is the extension of the city of Colombo towards the sea, giving rise to the creation of a “new financial city”. Several problems are associated with this project in the economic, social, environmental and political fields.

The non-governmental organization National Fisheries solidarity movement (NAFSO) decided to organize a research project called “Fact Finding Mission” in which several professionals from different countries participated with the collection of information.

Relevant information was obtained from this research to analyse and conclude that the negative effects of this mega project are considerable at the national level, affecting especially the most vulnerable local communities directly and indirectly violating their rights. 

Click here to read the full report !