Walkers Colombo receives $4 mln ADB loan for shipyard development

Walkers Colombo Shipyard (Pvt) Ltd, a subsidiary of MTD Walkers PLC, secured a US$4 million loan from the Asian Development Bank to develop the company shipyard.
In a media statement, the company said the shipyard will feature a state of the art Shiplift and Transfer System which will accommodate vessels up to 70 metres in length and 1,250 tonnes. 
The proposed loan will be the first ADB non-sovereign infrastructure loan in Sri Lanka since 2000. ADB is filling a critical market gap by funding a project—the first to cater to smaller vessels up to 1,250 tonnes —to serve the shipping industry of Sri Lanka and the region.  
Jehan Amaratunga, Group Executive Deputy Chairman of MTD Walkers PLC, said, “We have driven the diversification strategy of the group over the past few years and this is one of the many initiatives underway that has come to fruition. We are keen to invest further in the marine engineering sector and enhance our US$ income streams. We could have no better demonstration of the potential of the project and sector than having the ADB support us. In the long term, interest shown by the Government to make Sri Lanka a maritime hub would only encourage more traffic to the region, more business and higher volumes of repairs.”  -ENDS -