India's competition magnifies as Sri Lanka, China join hands to take on IFC

Competition to India’s international financial centre at Gandhinagar has got magnified with Sri Lanka deciding to collaborate with China to develop a rival financial centre.

At the end of October, Sri Lanka President Maithripala Sirisena handed over the deeds for the transfer of 116 hectares in Colombo Port City to China Harbour Engineering Company (CHEC) on a 99-year lease to build the financial centre.

China is present in a big way in Sri Lanka despite earning criticism for the unviable cost of signature projects like the proposed Hambantota port, for which it captured, again, a 99-year lease. It is also building power