C.F.C. Founding’ a limited liability Company formed in 2016 to establish and maintain the Financial City of the Colombo Port City Project is to be dissolved under the present regime.
A committee of experts has been appointed to analyze the present project portfolio and it has recommended dissolving the company as it is no longer needed.
Accordingly, the cabinet of ministers approved the proposal presented by Prime Minister, in his capacity as the minister of Finance, Economy and Policy Development to dissolve the company in accordance with the section 319 (b) of the Companies Act No. 07 of 2007, and to authorize the secretary to the treasury to carry out other related activities.
The present government will accelerate the development of the Colombo Port City project, constructed by China, to ensure that it will emerge as a new business hub in the island.
The 269 hectares of land reclaimed from the sea has already been declared as a part of the Colombo city district . Adjacent to Galle Face Green, the reclaimed land is intended to extend the central business district.
A commemorative stamp and a first-day cover were also issued at a grand ceremony followed by an extended fireworks display.
Colombo Port City was jointly developed by the Sri Lankan government and China's CHEC Port City Colombo Ltd.
It is the country's largest foreign direct investment project and is expected to attract billions of US dollars in investments in the coming years.
It also aims to create more than 80,000 jobs and to transform Sri Lanka into a regional business and financial hub.
According to a statement by the Chinese embassy in Sri Lanka the two countries have agreed to further strengthen political trust between them and upgrade their pragmatic cooperation.
(LI)