Local and foreign financial firms to link to Colombo International Finance Centre

Finance Minister Ravi Karunanayake says that over fifty local and foreign financial institutions have expressed their desire to link up with the Colombo International Finance Centre (CIFC) which is to be established as per 2016 Budget proposals.

According to the minister the activities of the CIFC will commence in April this year.

Countries in the SAARC region, where nearly 25% of the world population live, can acquire special benefits and concessions through the CIFC, he points out. The finance minister also pledged to ensure unscrupulous elements earning money through illegal and unlawful means are excluded from the CIFC.

The proposed Centre is to be established in D.R. Wijewardane Mawatha, Colombo in a 300,000 square foot area. Sri Lanka’s geographical location is a key factor in establishing this Centre and it mainly targets the SAARC region which is home to more than one fourth of the entire world population; it is to be equipped with all facilities required for the smooth functioning of such a Centre. Special physical and digital infrastructure and human capital as well as the necessary legal and regulatory framework of the Centre will be put in place by the Sri Lankan government.

It is expected to be on a par with Dubai’s International Finance Centre and other similar centres worldwide. A special court to resolve commercial disputes expeditiously, and in a transparent manner in compliance with the regulatory requirements of the finance sector will be an integral part of the proposed CIFC.