Wednesday, May 31, 2023

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Colombo Port City permits seven banks to operate and complete of 64 plots.

The Colombo Port City Economic Commission (CPCEC) has achieved much progress thus far of Sri Lanka’s most ambitious venture including licences issued for seven banks to set up shop and technical certificates of completion of 64 of the 74 plots.

CPCEC is the Single Window Investment Facilitator authorized to assist investors, businesses, and residents in conducting their activities seamlessly and efficiently in Port City Colombo.

Issuing its semi-annual progress report for FY 2022 from July to December 2022, CPCEC said agreements have been signed between the Commission and the Registrar General of Companies and Controller General of Immigration and Emigration in order to streamline services offered to Authorized Persons.

It also said technical Certificates of completion for 64 out of the 74 plots of the Port City Colombo SEZ have been received by the Commission. Preliminary designs for the Marina Development and Villa Project have been submitted by two investors, with several more plots in the final stages of discussion for lease.

In terms of sector progress, CPCEC said the Minister of Finance issued licences under the Colombo Port City Economic Commission Act to four banks during the first half of 2022. The Commission has since received requests from three more banks during 2022.

Additionally, 10 Financial and Banking Regulations were also drafted under Sections 44 and Sections 45 of the Colombo Port City Economic Commission Act No. 11 of 2021 and are awaiting review with the Monetary Board of Sri Lanka.

The Sri Lanka Police opened a Post on-site for visitor protection, with water access control and lifeguard services being handed to the Sri Lanka Navy. CCTV networks were also installed in public areas.

In addition to an internationally-reputed hospital and school, the Commission has identified the need for a world-class university within Port City Colombo and modified the Master Plan accordingly.

With the retail mall infrastructure complete, the CPCEC said commencement of the interior work has begun. The mall will showcase premium merchandise, with an array of cuisine options and entertainment, and is set to commence operations by Q2 of 2023.

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