The 'Colombo Port City Project' was commenced in the year 2014, in association with the Sri Lanka Ports Authority and the Chinese investor, CHEC Port City Colombo (Pvt) Ltd., as an investment made by the private sector.

After 2015 01 08, changing the original scope of the said project, relevant project has been implemented as the 'Financial City Project'.

At present, with the assistance of the external consultants and under the guidance of the Legal Draftsman, a draft Bill has been prepared to establish a special economic zone by the name of 'Colombo Financial City'.

Accordingly, within the current political, social and environmental context, the need has arisen to review the revised scope of the said project and the process followed to revise the said project and therefore, the proposal made by Hon. Prime Minister to appoint a committee comprising of subject specific experts, was approved by the Cabinet.