In The Press

Colombo International Financial Centre Bill expected to be presented to Cabinet shortly


 The Colombo International Financial Centre Bill which is being designed to grant incentives to the investors of the infrastructure development in the offshore financial city which is popularly known as Port City, is expected to be presented to the cabinet shortly, an official from the CHEC Port City Colombo (Pvt) Ltd said.   

An official from the CHEC Port City Colombo (Pvt) Ltd said a special commission will be named Colombo Internal Financial Commission. “This Commission will be in charge of the administration and management of the Port City. The Commission will comprise mostly the government representatives,” he said. However he said that this commission will work with the Colombo Municipal Council and the UDA   

“We expect that it will be taken up during the first few meetings of the new cabinet. We don’t expect the government to delay it any further, as the time is ripe for formulation of the new legislation,” he added.   

He said the location on which the land was reclaimed for the project is a spot where sand was accumulating automatically and naturally. “The experts identified the commercial value of this location in 1966 and recommended reclaiming the land. It was the previous Rajapaksa government which decided to go ahead with the project at the selected location,” he said.   

According to the officials of CHEC Port City Colombo (Pvt) officials the initial environment impact assessment study was challenged in courts by a few NGOs and this promoted the Courts to order a second study. The Second study has confirmed that the project would not cause any adverse impact on the environment. The break water built around the reclaimed land is designed to resist storms and heavy tides according to the officials.   

It was also revealed that crown deeds have been developed for the plots in the reclaimed land. The total investment involved in the Colombo Port City is said to be $ 15 billion while the expected city population would be 250,000 people. It is expected to create 83,000 new jobs . Port City is expected to comprise an integrated resort, a theme park, health care facility, an international school, a convention and exhibition centre, and a marina.