Cabinet approves drafting of legislation for financial city

Colombo_Port_2016Cabinet has approved a proposal to draft the required legislation to establish a financial city in Colombo, the Government said today.

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 Indian, South Asian, and Middle East region as well as from European countries including England.

The Government said making the city the financial hub of the region will increase the flow of foreign capital into the country.

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

A 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 legislations for establishment of the Financial City and to obtain required legal services in this regard, was approved by the cabinet of Ministers.

The financial city will be established in the Chinese funded port city in Colombo, the project which after being suspended by the current Government, has now been cleared. (Colombo Gazette)