Prime Group has announced that its flagship residential project, YOLO by Prime Group, has received approval from the Board of Investment of Sri Lanka, marking a significant milestone in attracting foreign investment and supporting urban development. The company has signed a $52.5 million investment agreement with the BOI, highlighting the project’s contribution to economic growth and modern housing infrastructure.
Sri Lanka’s Foreign Minister Vijitha Herath has identified the redevelopment of the Trincomalee Oil Tank Farm as a long-term solution to the country’s ongoing fuel and energy challenges. The government plans to modernise the Second World War-era storage facility and develop Trincomalee into a regional energy hub through a tripartite partnership with India and the United Arab Emirates. This initiative follows a Memorandum of Understanding signed in April 2025 during the visit of Narendra Modi.
The Cabinet of Ministers has approved awarding a contract to construct a 28-kilometre, 220kV double-circuit transmission line from the Mannar Grid Substation to the Mullikulam Collector Grid Substation under the Mullikulam Wind Power Transmission Project.
The Sri Lankan Cabinet has approved a major five-year (2026–2031) Rs. 646 million project to protect the Kelani River through advanced data-driven environmental monitoring. The project brings together the Central Environmental Authority, University of Moratuwa, and Tohoku University, with funding support from the Japan International Cooperation Agency under the SATREPS program.
The Indian Register of Shipping (IRS) has achieved a significant milestone by launching its first defence export project - a floating dry dock being built for the Sri Lanka Navy at Goa Shipyard Limited (GSL). The launch ceremony was held on 19 February 2026 at GSL with Rear Admiral MDK Wijewardana of the Sri Lanka Navy as the chief guest, alongside senior officials from IRS and the shipyard.
Environmental groups in Sri Lanka are urging authorities to suspend construction of the proposed Jaffna International Cricket Stadium and Sports Complex on Mandaitivu Island, citing serious concerns over non-compliance with environmental regulations and potential ecological damage.
Sri Lanka has commenced construction on its largest solar power project, a 150 MW ground-mounted solar energy park located in the Gonnoruwa Division of Hambantota District. This major infrastructure initiative spans 450 acres and represents a US $150 million private-sector-led investment aimed at strengthening the country’s renewable energy capacity while addressing regional power needs.
Sri Lanka has finalized financing arrangements with the World Bank Group to secure US $50 million (equivalent in Special Drawing Rights) to support its Digital Transformation Project, the government has announced.
The Urban Development Authority (UDA) has initiated plans for the “Frolic Island Recreational Hub”, a new leisure and public recreation project along both banks of the Diyawanna Oya in the Battaramulla area.
Sri Lanka’s landmark urban development, Port City Colombo, has reached a major execution milestone as construction officially began on its first residential project. This marks a significant shift from preparatory regulatory work to active delivery of real estate within the Special Economic Zone (SEZ).
