49% of Colombo Port’s East Terminal up for sale

Business

Feb 16, 2016
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Sri Lanka’s Cabinet has approved a call for proposals for the development of the East Container Terminal (ECT) at the Colombo port, a Ports Ministry media release stated on Tuesday.
The terminal management would be shared with Sri Lanka Ports Authority (SLPA) owning a 51 per cent stake and the rest to be handed over to a port management firm or shipping line.
In this respect, it has been decided that the Asian Development Bank (ADB) would be selected as the consultants for the project, it was stated. The ECT terminal with a length of 1200 metres has already completed work on 400 metres and could be used for offloading of containers, the release said adding that this contributes to an additional income for the SLPA. (SD)