Oct 25, 2017 (LBO) – Sri Lanka’s proposed Financial City better known as the Port City has now completed almost 50 percent of the land reclamation with the full completion to be achieved by mid 2019, a Minister said.
Minister of Megapolis and Western Province Development Champika Ranawaka says that the Prime Ministers office is working on the legal framework that will govern the area.
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.
He said that there will two new companies that would be formed to manage the city and it’s utility needs.
When complete the city will have reclaimed 269 hectares with 116 hectares being 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 Sri Lankan Government and will be divided with 62 hectares to be used to set up a financial city and 91 hectares to be used as public spaces.