The tripartite agreement to build the proposed Colombo Port City after renaming the previous project as New International Financial City was signed this afternoon.
The three signatories to the new agreement are Western Province Development Ministry, Urban Development Authority and CHEC Port city Colombo Private Limited.
Accordingly, the agreement signed for the Colombo Port City on September 16th, 2014 will be replaced by the new agreement.
Under the new agreement signed today, 269 hectares of the sea off the South of Galle Face ground will be filled to build the proposed financial city.
36 more hectares than that of the total hectares given for the project has been granted under the new agreement.
However the government stated earlier that land hold of none of the filled lands will be given to foreigners.
Once the new financial city is completed, it will be managed under a new parliament Act titled Colombo International Financial Center Act to be passed in parliament.