Sri Lanka’s Financial City to build client deposit base 10-pct of GDP

Aug 10, 2016 (LBO) – Sri Lanka’s proposed Financial City aims to attract a client deposit base worth 10 percent of the island’s GDP within a period of 5 years, a cabinet approved proposal said. Cabinet Spokesman Rajitha Senaratne said it has also been decided to commence the initial operations of the Financial City after obtaining office space at the World Trade Center or any other premises. After the enactment of proposed Financial City Act, the government plans to relocate the facility located at World Trade Center to the new port city area. Government has also allocated 78 million rupees to start the initial establishment of the Financial City which also covers operational, legal, marketing, advisory and other related costs. Ex-Attorney General Y J W Wijethilake has been appointed as the legal head of the project while Dr Rajan Sara has been appointed to lead the financial and investment operations of the project. This financial and business services zone in the port city will become home to global financial institutions in banking and finance, wealth management, equity funds, capital markets, treasury management, venture capital and global processing activities.
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International legal firm, Baker and McKenzie will support to formulate the required legislation and they will also review exchange control laws, voluntary disclosure laws and territorial tax systems to provide effectivity to initial setup. Proposed Financial City is to create 15,000 new jobs within a 5 year period.