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Sri Lanka upbeat over financial city being constructed with Chinese aid

Xinhua, August 22, 2016 Adjust font size:

The Sri Lankan government was upbeat on Monday about the future of a proposed financial city which is to be constructed with Chinese assistance.

State Minister of National Policy and Economic Affairs Niroshan Perera said in a statement that the financial city is expected to offer over 15,000 jobs in the first stage.

He said the government had decided to convert an earlier proposed port city into a financial city in order to help boost the country's economy.

The agreement on the financial city was signed recently between the government and the Chinese company engaged in constructing the new city.

The financial city will initially operate as a hub between Dubai and Singapore and will have some of the top international banks operating from the new city.

Perera said the financial city will look to promote business between India, other Asian countries, the Middle East and Europe.

He said the parliament will be fully briefed on the progress of the project in order to ensure the transparency.

CHEC Port City Colombo (Pvt) Ltd, the Project Company for the Colombo Port City (CPC), signed a tripartite agreement with the Ministry of Megapolis and Western Development and the Urban Development Authority recently.

The agreement formally replaces a previous deal signed in September 2014 between the Sri Lankan government and the Project Company.

The new tripartite pact has been signed following the announcement in March by the government to lift a temporary suspension of work on the project until the Ministry of Megapolis and Western Development completed an environmental impact assessment.

The assessment was completed earlier this year, pursuant to a development permit issued by Sri Lanka's coast conservation department to recommence the project. Endit