The government will complete the formulation of a set of fresh legislation by the middle of May to be applied only in the territory of landmass acquired under the Colombo Port City project or the international financial city, a minister said yesterday.
Non-Cabinet Minister of Economic Reforms and Public Distribution, Dr. Harsha de Silva who spearheads the steering committee appointed to look into this, told the Daily Mirror that there would be a set of new bills that would deal with the entire gamut of financial activities such as banking and commercial operations.
He said the new laws would stipulate the role and supervision of the Central Bank within the international financial city. The Minister said a team of legal luminaries attached to the Attorney General’s Department were finalising work on these laws at the moment.
“We will present these draft legislations hopefully by the middle of May,” he said. Also, he said there would be fresh incentives for those seeking to invest in this landmass. An international school, a convention centre and a hospital were among those investments lined up at the moment.
“The government will give incentives for investment here,” he said. Earlier, Megapolis and Western Development Minister Patali Champika Ranawaka said the landmass would be gazetted as part of the Colombo District. Altogether, 269 hectares of land have been reclaimed from the sea.(Kelum Bandara)