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Colombo Port to undergo development
Thursday, 25 February 2016 16:39

The Asian Development Bank (ADB) and the Sri Lanka Ports Authority (SLPA) have signed a transaction advisory services agreement to develop the East Container Terminal (ECT) of Colombo Port through public–private partnership (PPP).

The US$500 million project will include operationalisation of the existing 400 metres of deep water berth and the full design, build, finance, operation, and maintenance of the remaining 800 metres of berth. The concession for the ECT is likely to be for 35 years.

SLPA has already invested $80 million in construction of the 400-metre berth at the terminal. ADB also provided a $300 million loan in 2008 to support the construction of the breakwater of the Colombo Port.

ADB will advise the SLPA in developing a bankable PPP structure and organising a competitive tender process to select the private sector partner according to Ryuichi Kaga, the head of ADB’s office of public-private partnership.