May 17, 2022

Uchchamunai Island, not sold - SLTDA

The Sri Lanka Tourism Development Authority (SLTDA) has clarified that the Uchchamunai Island has not been sold and a lease agreement was signed for a period of 30 years to a foreign investor in an attempt to drive much needed Foreign Direct Investments (FDIs).

" For SLTDA the income is by way of lease rental. The lease rental is based on the value provided by Department of Government Valuation done in October 2020 on which the agreement was finalized. The stated 417.5 Million USD is the project cost estimated by the investor for a tourism project that will be implemented in stages. The project can only commence when all necessary approvals from the line agencies including Coast Conservation, Environmental Authority etc. are in place," the SLTDA has stated in a media release.

The complete statement is as follows :

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