Sri Lanka's minister of Megapolis and Western Province Development Champika Ranawaka said that 50% of land reclamation for the Port City project, 134.5 of a proprosed 269 hectares was now complete.
"All land reclamation and preparation in the first stage will be completed by 2019," Mr Ranawaka was quoted by the Colombo Page as saying.
"Once completed the City will function as a separately governed entity with its own economic and commercial laws to facilitate operations of global multinational corporations."
"The previous government planned to develop the Port City for the purpose of entertainment such as casinos but this government intends to create a financial city," he said.
"The government expects to transform Sri Lanka into a pioneer in the global financial services industry, and has decided to invite international financial institutions instead."