Sri Lanka to review process adopted to revise original scope of Colombo Financial City

portcity

Dec 12, 2019 (LBO) – Sri Lanka’s cabinet nod has been received to appoint an expert committee to look into the process adopted by the previous government to revise the original scope of the Colombo Financial City.

With the help of external consultants and the Legal Draftsman, a Bill has already been drafted to establish a Special Economic Zone under the name of Colombo Financial City.

The cabinet, however, said that there is a need to review the revised scope of the project in the current political, social and environmental context.

In 2014, Sri Lanka Ports Authority and Chinese Investor CHEC Port City Colombo (Private) Limited launched the Colombo Port City Development Project as a private sector investment.

After the previous government came into power, the project has been implemented as the ‘Financial City Project’ after changing the original scope of the project.