May 24, 2023
2 mins read

Lankan cabinet approves biz incentives at Colombo Port City

Spanning 269 hectares of reclaimed land from the sea, the Port City will comprise five precincts including the Financial District…reports Asian Lite News

The Sri Lankan cabinet has approved a proposal by President Ranil Wickremesinghe to grant incentives to businesses with strategic importance that will commence operation at the Colombo Port City, a spokesman said here on Tuesday.

Cabinet spokesman Bandula Gunawardena told reporters that the Port City is an important part of the island nation’s attempts to attract foreign investment, which is crucial to stabilising and modernizing the economy, reports Xinhua news agency.

Spanning 269 hectares of reclaimed land from the sea, the Port City will comprise five precincts including the Financial District, Central Park Living, Island Living, the Marina and the International Island.

Primary and secondary businesses that are strategically important to the Port City have been identified, according to Gunawardena.

Colombo International Financial City is a special economic zone and International Financial Centre which is currently under construction on reclaimed land adjacent to the Galle Face Green.

The land reclamation work had been completed as of January 2018.

The project is part of China’s Belt and Road initiative.

Debt restructuring

Wickremesinghe had earlier assured that Sri Lanka would be able to complete the ongoing debt restructuring programme by September and bring the economy to a stable level.

The President has said that he took over the bankrupt country and brought its

economy to a stable state by going to the IMF.

“The IMF had imposed tough conditions on us. But we had no other options,” said

Wickremesinghe, who is also the Finance Minister had introduced severe tax hikes and

other hard financial decision to please the IMF.

He urged all Sri Lankans to work towards getting out of bankruptcy.

“In the past, after Sri Lanka was declared a bankrupt country, no investors came to the country. Former investors left the country. In such an environment, foreign investors are not interested in providing aid to Sri Lanka,” Wickremesinghe added.

Facing the worst-ever economic crisis, Sri Lanka in April 2022 suspended the repayment of foreign debts and requested the IMF to intervene.

The IMF offered a $3 billion conditional bailout package to be paid in parts for four years and the package is also to help reduce Indian Ocean island nation’s debt by $17 billion through restructuring.

Co-chaired by India, Japan and France, and Paris Club creditors, 17 countries have formally formed an official creditor committee to discuss Sri Lanka’s request for a debt treatment.

China, Sri Lanka’s biggest bilateral creditor, stands as an observer.

ALSO READ: Lanka, China’s Sinopec ink deal to secure fuel supply

Previous Story

WHO lauds Sri Lanka’s efforts to curb trans fat

Next Story

WHO sounds alarm on possible rise in Dengue cases in Afghanistan

Latest from -Top News

Taliban’s Grave Warning for Pakistan

It came less than 24 hours after Pakistan’s Defence Minister Khawaja Asif reportedly issued a stern warning to Afghan Taliban…reports Asian Lite News As relations between Afghanistan and Pakistan continue to deteriorate,

US deports 2,790 Indians in 2025

The MEA on Thursday confirmed that over 2,790 Indians were deported from the US this year after authorities verified their identity and nationality….reports Asian Lite News The Ministry of External Affairs (MEA) confirmed on

India–Cyprus talks on future plan

EAM Jaishankar expressed appreciation for Cyprus’ support for India on cross-border terrorism….reports Asian Lite News External Affairs Minister S. Jaishankar and Cyprus Foreign Minister Constantinos Kombos met in New Delhi on Thursday

Rajnath Singh off for ASEAN meet

Singh is expected to hold bilateral meetings with counterparts from the participating ADMM-Plus nations ..reports Asian Lite News Defence Minister Rajnath Singh departed for Kuala Lumpur on Thursday to attend the 12th

India, South Africa boost cultural bonds

On Wednesday, Shekhawat participated in the 4th G20 Cultural Working Group Plenary Meeting under South Africa’s G20 Presidency. ..reports Asian Lite News Union Minister of Culture and Tourism Gajendra Singh Shekhawat met
Go toTop

Don't Miss

Historic Victory for Lanka’s Left

The Left-leaning coalition won 159 seats in the 225-member parliament…reports

Historic ferry link rekindles Indian-Lankan Tamils ties

This cross national ferry service is not by any means