Wed, 28 Jul 2021 Today's Paper

Port City investor to pump in US $ 1bn to set up financial centre

22 December 2017 09:56 am - 0     - {{hitsCtrl.values.hits}}

A A A

  • Megapolis minister proposes to China Harbour Engineering Corp. to bring in the funds as FDI
  • Construction to commence in 2H 2018; US’ Skidmore, Owings & Merril to be architect

 

The Cabinet of ministers on Wednesday gave the green light for China Harbour Engineering Corporation (CHEC) to invest US $ 1 billion to construct the Colombo International Financial Centre (CIFC) at the Colombo Port City.


Megapolis and Western Development Minister Patali Champika Ranawaka has forwarded the proposal to CHEC to bring in the funds as a foreign direct investment and to sign a memorandum of understanding between its subsidiary CHEC Colombo Port City (Pvt.) Ltd and the Megapolis and Western Development Ministry to 
this effect.


The construction will commence in the latter half of 2018 and the US-based Skidmore, Owings & Merril has been chosen as the architect, following an international request for proposals.


The infrastructure required for the project is being planned out and the environmental impact assessment has been opened up to public opinion, a cabinet spokesperson said.


CHEC this October said that the building would be between 40-60 storeys and the US $ 1 billion investment would come in two stages, adding to the US $ 1.5 billion. CHEC has already invested to reclaim the 269 hectares of land near the Colombo Port.


Approximately 50 percent of the land has already been reclaimed, according to the government.The CIFC is expected to make Sri Lanka into a regional financial hub and the government is expecting the financial centre to be governed by English Law, similar to the financial centres in Dubai and Singapore, in order to make legal action taken and arbitration done at the CIFC to be better recognized globally.


However, setting up such a separate legal system within the country is against the constitution and requires constitutional amendments. 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment


“Medamulana Dynasty”: Four Sons and Three Grandsons of Don Alvin Rajapaksa

Basil Rohana Rajapaksa was sworn in as Finance minister in the Government of

Site survey near Akasa Chaitya: Is it the end of Yala?

The Yala National Park has been at the receiving end of human disturbances fr

Basil Rajapaksa’s catch 22 situation

Sri Lankan politics has been a good deal of family business. It was not even

“This govt. printed Rs. 880 billions”

This is the roadmap of Zimbabwe



See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.