Cabinet clears $112M Port City waterfront project
– The Cabinet of Ministers has approved the designation of Prime Melwa (Private) Limited as a Primary Business of Strategic Importance, paving the way for tax exemptions and other incentives for its planned USD 112.2 million (approximately Rs. 15.9 billion) mixed-use development at Colombo Port City.The decision was based on a proposal submitted by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Economic Stabilization and National Policies.
The designation has been granted under Section 53 of the Colombo Port City Economic Commission Act No. 11 of 2021. Under the Act, businesses granted strategic status are eligible for tax exemptions and other incentives approved by the Cabinet of Ministers.Prime Melwa (Pvt) Ltd plans to invest approximately USD 112.2 million over the coming years to develop a mixed-use waterfront project within Colombo Port City.
The project is expected to create around 800 direct employment opportunities once implemented.
