Legislation For the Colombo International Financial City Before Parliament in March

Legislation for the Colombo International Financial City is expected to be brought before Parliament in March 2018, top officials revealed yesterday during a tour of the project.

Prime Minister Ranil Wickremesinghe, accompanied by Megapolis and Western Development Minister Champika Ranawaka, while on an inspection tour of the Port City project said that new laws to regulate the proposed financial capital would be presented to Parliament in the coming months.

Prime Minister Ranil Wickremesinghe  said, that the foremost goal of the Port City is to make it the financial hub in the Indian Ocean. New laws and regulations will be needed for a project of this magnitude and we will be presenting these new legislations to Parliament early this year.

He noted that by 2020 all infrastructure work would have been completed.

Minister Ranawaka, who also addressed the media afterwards, said that Port City legislation would be brought before Parliament by March and that construction on the first permanent buildings is to commence this year as well.

“Construction of the three towers, each 60 storeys high, will begin this year with a foreign investment of  US$ 1 billion. Legislation for the project will be before Parliament in March,” Minister Ranawaka said, adding that the Port City would be Sri Lanka’s first fully-planned city.