COLOMBO, Aug. 5 (Xinhua) -- The Monetary Board of the Central Bank of Sri Lanka and Ministry of Finance have authorized the Colombo Port City Economic Commission (CPCEC) to issue offshore licenses for four banks initially to operate at the Colombo Port City.
The CPCEC said in a statement released on Friday that the Central Bank of Sri Lanka has created a new class of account for all banks under its regulatory purview.
This account, called the Colombo Port City Investment Account, is designed to facilitate the inflow of funds to be used for investing in the Colombo Port City, the CPCEC said.
According to the commission, Colombo Port City duty-free regulations have been drafted and are waiting for the cabinet's approval.
The commission, in collaboration with the immigration authorities, is also working to streamline and automate the application and approval process for the investor visa, employment visa, and long-term residence visa.