The Sri Lankan Government today signed a tripartite for the Colombo International Financial City, formerly known as the Colombo Port City. 

With the signing of the agreement CHEC Port City Colombo (Pvt) Ltd, the Project Company for the Port City, issued a a written undertaking to withdraw all compensation claims from the government. 

The agreement was signed between the Ministry of Megapolis and Western Development, the Urban Development Authority (UDA) and CHEC Port City Colombo.

The new tripartite agreement formally replaces the previous agreement signed on September 16, 2014 between the Government of Sri Lanka and CHEC Port City, a subsidiary of China Communication Construction Company (CCCC).

Cabinet on Wednesday approved a proposal to draft the required legislation to establish a financial city in Colombo as part of the Chinese-funded port city project.

The government said the key objective of the proposed financial city is to become the prominent financial hub in the region to attract foreign investments from South Asian and Middle East region as well as from European countries.

The Cabinet approved the proposal made by Prime Minister Ranil Wickremesinghe, in his capacity as Minister of National Policies and Economic Affairs, to implement the project under the supervision of the Ministry of National Policies and Economic Affairs, to draft legislation for establishment of the Financial City and to obtain required legal services in this regard.