PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

605687

Primary Business Area

Manufacturing, Agribusiness & Services

Disclosure Date

Jun 3, 2021

Country

Sri Lanka

Region

South Asia

IFC Approval Date

Dec 23, 2020

Status

Completed

Estimated Total Budget

$215,000.00
(Project budget includes all project-funded activities)

Last Updated Date

May 4, 2024

Project Estimated Start Date

Dec 21, 2020

Project Estimated End Date

Dec 31, 2022

Project Description

Colombo is amidst a real estate boom with residential and commercial developments coming up to meet demand for both local resident and tourist needs. Colombo 2, which is fast emerging as the Central Business District (CBD) of Sri Lanka, needs entertainment and food options of high standards in a secure environment for local and foreign visitors. A Street Market with food options built and operated to international standards will be a novel and much needed attraction to the area. JKH is Sri Lanka’s largest listed conglomerate on the Colombo Stock Exchange and IFC’s investment client. The proposed Street Market is designed to complement JKH’s current flagship project, Cinnamon Life, built on 10 acres of prime land in the heart of Colombo. The land for the Street market will be government owned ( Urban Development Authority) and will be in the same vicinity as Cinnamon Life. There is significant demand for prepared food in the CMC area and average monthly expenditure on prepared food within Colombo is highest at USD $ 23.75 (Rs. 4,394) compared to other major cities in Sri Lanka as per Food and Agriculture Organization (FAO) research. Initially focus will be food but there is potential to add crafts and entertainment options to the location. The initial target market will be locals, and as tourism is normalized post COVID-19 it will serve as a much-needed attraction for foreign visitors to Colombo. Specific focus will be given to women from the Colombo 2 area. Based on JKH projection, by completion the project will support 100 men and women whose source of income has been significantly affected due to COVID-19 pandemic by equipping them with the ability to monetize their existing skills in the food industry with the long term objective of creating a sustainable livelihood opportunities.

Development Results

E&S Risks / Impacts and Mitigation