The George Keyt Foundation formed by a group of his friends in 1988 is mandated to provide opportunities for the development of Art and Artists, promoting Art and assisting Sri Lanka. Since its inception the George Keyt Foundation has been a major promoter of the Arts in Sri Lanka for 30+ years. 

• The George Key Foundation regularly organizes four major exhibitions in Colombo:
• Nawa Kalakaruwo – A presentation of fresh art from new and emerging artists
• Young Contemporaries – A show of emerging artists under 40 curated by academics and senior artists
• Sri Lankan Art – a curated presentation of new art by senior Sri Lankan artists
• Kala Pola – an open air art fair which is uncurated and attracts hundreds of artists from all corners of the Island.

The George Keyt Foundation has also organised international artists camps, periodic exhibitions on Sri Lankan and SAARC artists, art auctions, restoration of the Gothami Vihara murals and publishing of several books on George Keyt.