Finance Minister Ravi Karunanayake said that seven international banks which are currently not in operation in the country from Middle East, Japan, Korea are planning to establish offshore branches through the CIFC. the Minister said. Along with these close to 50 more banks including 37 local banks will be in operation in the CIFC.

The government is set to earn revenue from the license fee charged from all the banks, however exact revenue generation from the financial hub is yet to be estimated.

"This is a good time to establish a financial hub now, Switzerland asked Indians and Sri Lankans to leave, they are not welcome in Singapore either, Dubai has become too expensive to invest, so the investments of about two billion people in the region will flow to the country," he claimed.

The establishment of the centre will also help generate more professional jobs and boost the economy, Karunanayake said adding that the time is ripe for such a business venture for the government.