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Sri Lankan cabinet approves establishing financial city on Chinese project

Xinhua, August 10, 2016 Adjust font size:

Sri Lanka's cabinet has approved a proposal to draft the required legislation to establish a financial city in Colombo as part of a Chinese-funded port city project, the government said on Wednesday.

The government said the key objective of the proposed financial city is to become the prominent financial hub in the region to attract foreign investments from South Asian and Middle East region as well as from European countries.

It will also provide broad opportunities of employment for Sri Lankans, the government said following the weekly cabinet meeting.

The cabinet of ministers approved the proposal made by Prime Minister Ranil Wickremesinghe, in his capacity as the Minister of National Policies and Economic Affairs, to implement the project under the supervision of the Ministry of National Policies and Economic Affairs, to draft legislation for establishment of the Financial City and to obtain required legal services in this regard.

The Chinese funded port city is being constructed in the capital near the main port in Colombo. Endit