Approval granted for a US$ 350 Million mixed development project

Minister of Investment Promotion Lakshman Yapa Abeywardena said that the Australian-based Crown group will invest US$ 350 million on a mixed development project along with a Sri Lankan investor.

The Minister said that certain anti-national elements who hate this country being developed, level baseless allegations to obstruct the inflow of foreign investments. He said that the Government grants permission to mixed development projects under the Strategic Development Act and the amount of investment should exceed US$ 250 million to get these concessions. He said that the Government has granted permission to mixed development projects on these grounds, and the proposed project is purely a tourism promotion project.

The Minister also emphasized that since President Mahinda Rajapaksa came to power the government has not granted approval for any new casinos and the casinos existing in the country are those licensed by the previous UNP government.  He said that many of these casino clubs are located close to schools and religious places.