Colombo Port City (now called Colombo International Financial Centre) is a planned offshore city in Colombo, Sri Lanka which is to be built on reclaimed land adjacent to the Galle Face Green.
Around 269 hectares of sea bed will be reclaimed by the project, which is implemented by the Sri Lanka Ports Authority and the Board of Investment (BOI) of Sri Lanka. Of this, 170 hectares have been identified as an area that can be developed and the balance 63 hectares allocated for common facilities such as a water area, roads and parks. An extent of 108 hectares from this reclaimed land is to be reserved for the company selected for this project, China Communications Constructions Company (CCCC), to cover its investment costs, marketing promotions costs and profits. The project proponent CCCC invests US $ 1,337 million as the total construction expenditure.
Prime Minister Wickremesinghe said that the project will be granted a special status as a unique financial and business district of Sri Lanka and will be included in the government's mega development plan. "The Port City will become a special financial and business district of Sri Lanka which will have its own laws. Of course the Supreme Court of Sri Lanka must have the final say," he said. There will be a separate financial and legal system operating in the Port City "where people can come and transact business internationally," according to the prime minister.
The agreement signed between the Government and CHEC on 12th August 2016 would seek to create a new international financial city to be governed under a new Act titled Colombo International Financial Centre Law.
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