Sri Lanka to review financial zone, laws, proposed for CHEC Port City

ECONOMYNEXT – Sri Lanka’s new administration has appointed a committee of experts to review an investment zone and laws proposed on a ‘financial city’ to be built on land reclaimed by a Chinese company in Colombo, cabinet spokesman Minister Ramesh Pathirana said.

CHEC Port City Colombo (Pvt) Ltd, a unit of China Communications Construction group has reclaimed 269 hectares of land, in which the last administration proposed to set up a financial city with special laws.

The last administration had proposed to set up a Colombo Financial City Commission, an advisory committee, an arbitration centre, a Colombo financial court.

The cabinet of ministers approved the setting up a committee to review laws and the financial city, as taking into account new socio-economic conditions, Minister Pathirana said.

The committee will be made up of two experts to review legal matters, one to for economic matters, one for urban development, one for engineering, one for local government and regulations, one for financial and commercial matters and another for socio-economic matters. (Colombo/Dec12/2019)

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