Sri Lanka port city becomes financial city, new deal by August: PM

portcity

June 17, 2016 (LBO) – Sri Lanka’s port city construction will be converted to a financial city with a new agreement which is expected to be signed by August with the China Harbour Engineering Company, the Premier said.

Officially announcing the lifting of EU fishing ban, Prime Minister Ranil Wickremesinghe said the port city land will be given on a 99-year lease basis.

“We will convert the port city to a financial city filling the gap between Singapore and Dubai,” Wickremesinghe said.

“This financial city will offer services such as financial, trade and legal matters.”

Deputy Minister of Megapolis and Western Development Lasantha Alagiyawanna told Parliament recently that the Prime Minister has already appointed a committee to look into the possibility of formulating a new agreement for the project.

The 5-member committee comprising of secretaries is headed by the secretary to the Prime Minister.

Prime Minister added the government wants to finalize the Hambantota dockyard project with the China Harbour Engineering Company before September this year.

Development plan of the Hambantota industrial zone project will also be finalized in the near future.

Prime Minister said the Japanese funds will be available for the implementation of the light rail transit (LRT) system and elevated highway for Sri Lanka’s capital Colombo.

After moving Welikada prison to Kalutara district, a new commercial city will be built using the space, he further said.

Related: Sri Lanka seeks new agreement for Colombo Port City