The Cabinet of Ministers has approved extending the project duration for the construction of the Colombo Port City.
The project, identified under the Strategic Development Project Act No. 14 of 2008, was assigned to Port City Colombo (Private) Limited in 2016.
Earlier this year, the government announced that the project faced various delays due to the pandemic and other revenue generation constraints.
According to a proposal tabled by the President in his capacity as the Minister of Investment Promotion, the Cabinet has granted permission to extend the project’s duration until June 30, 2027.
Commercial operations of the project are also expected to commence during this time.
Meanwhile, the Cabinet of Ministers has also approved a proposal to submit orders formulated under the Colombo Port City Economic Commission Act No. 11 of 2021, published by the following gazette notifications, to Parliament:
Colombo Port City (Off-shore banks – fundamental) orders No. 04 of 2024, published in the extraordinary gazette notification No. 2394/67 dated 26.07.2024.
Colombo Port City (Off-shore banks – far-sighted management and trustworthiness) orders No. 05 of 2024, published in the extraordinary gazette notification No. 2394/66 dated 26.07.2024. (Newswire)
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