Sri Lanka’s proposed Financial City reaches halfway mark in completion
Sri Lankan Minister of Megapolis and Western Province Development Champika Ranawaka says the proposed Financial City has now completed almost 50 percent of the land reclamation with the full completion of the project expected to be in mid 2019.
The Minister has told the media that the Prime Minister’s office is working on the legal framework that will govern the area under the Financial City.
According to reports, once completed the City will function as a special jurisdiction area with its own economic and commercial laws to facilitate operations of global multinational corporations.
Two new companies are to be formed to manage the city and its utility needs.
Ranawaka has said that laws will be formulated by year-end to “facilitate administrative entity and ease taxation for investors” in the Colombo Financial City Project.
The government has already appointed a committee to study the legal implications and how to implement British law in the Financial City but still keep it within the sovereignty of Sri Lanka.
According to the Minister, legislation was needed as the area involved reclaimed land that the Government wanted developed as an international financial city, targeting global companies.
Preparations are now underway to get the reclaimed land ready for construction and for it to be auctioned off to potential investors in the first quarter of 2018.
The 269 hectare reclamation will be completed in mid-June 2019.
Out of the 269 hectares, 116 hectares will be handed over to China Communications Construction Company (CCCC), which is the parent company of China Harbour Engineering Company (CHEC).
The remaining land, which will be owned by the Government, will be divided with 62 hectares to be used to set up a financial city and 91 hectares to be used as public spaces.
“As the Port City is considered to be a new territory of Sri Lanka, it will be declared as part of the country by the President and only then will it be handed over to the Megapolis Ministry and the Urban Development Authority (UDA). Any calls for EOIs or other documents will only take place after that,” the Minister has said, denying that any tenders had been called yet.
The proposed Financial City project is a great investment opportunity since the City will function as a special jurisdiction area with its own economic and commercial laws to facilitate operations of global multinational corporations.
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