Home / Front Page/ Port City legislation to Parliament in March

Port City legislation to Parliament in March

Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 3 January 2018 00:10


  • $ 1 b investment for International Financial Centre; Construction to start mid-this year


By Skandha Gunasekara

Legislation for the Colombo International Financial City is expected to be brought before Parliament in March this year, 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.

“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,” the Premier said. 

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 $ 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.  

Meanwhile, Port City Project Director Nihal Fernando, speaking to the Daily FT, revealed that construction on the three towers would begin in the middle of this year. 

“These three towers are part of the International Financial Centre. China Harbour Engineering Company is providing an investment of $ 1 billion for this purpose and construction is scheduled to begin around June or July,” Fernando said.

He further divulged that the three towers were a mix development project with retail and office space as well as several hotels. 

“These will be the first permanent buildings of the Port City,” Fernando added.  

Share This Article


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

Depreciating rupee: Avoiding a money-go-round

Wednesday, 17 October 2018

Sri Lanka’s excessive reliance on foreign capital to finance investment under favourable external financial conditions is now leading to disruptions, as those conditions change in a decisive interest rate tightening phase in the United States. As U

Responsible water stewardship in Sri Lanka

Wednesday, 17 October 2018

Unlike many of our regional neighbours, Sri Lanka is blessed with an abundant water table. However, many companies do not feel the full value of this precious resource due to the limited regulation and monitoring of fresh water extraction for busines

Economy in disarray, banks flourishing; can this be true?

Wednesday, 17 October 2018

It is earlier reported that the growth in bank credit accelerated in August despite the tight credit and money conditions and rising non-performing loans in the banking sector. It is further reported that the year-on-year (YoY) growth in credit accel

1/3 of your training budget should be spent on developing leaders for boosting corporate performance

Wednesday, 17 October 2018

“Great companies spend an average of 32% of their training budget on leadership development.” – Brandon Hall’s leadership survey The highest Return On Training Investment (ROTI) comes from helping your managers sharpen the leadership skills

Columnists More