State Minister of National Policy and Economic Affairs Niroshan Perera said that the financial city is expected to offer over 15,000 jobs in the first stage.
He said the Government had decided to convert the port city into a financial city in order to help boost the economy of the country.
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, Middle East and Europe.
He said Parliament will be fully briefed on the progress of the project in order to ensure there is transparency.
CHEC Port City Colombo (Pvt) Ltd, the Project Company for the Colombo Port City (CPC), signed a tripartite agreement between the Ministry of Megapolis and Western Development, the Urban Development Authority and the Project Company recently.
The agreement formally replaces the previous agreement signed on 16thSeptember 2014 between the Government of Sri Lanka and the Project Company.
The new tripartite agreement has been signed following the announcement in March this year by the Government to lift the temporary suspension of work on the project until the Ministry of Megapolis and Western Development completed the Supplementary Environmental Impact Assessment (SEIA). The SEIA was completed earlier this year, pursuant to a Development Permit issued by the Coast Conservation Department to recommence the project. (Colombo Gazette)