Sri Lanka Port Authority (SLPA) and Bank of Ceylon have signed a financing agreement for the development of East Container Terminal (ECT) under Colombo Port Expansion project, worth Rs 10.50 billion.
This project is facilitated through leading infrastructure development provider Hyundai Engineering and Construction in Korea and is expected to complete in 2015.
SLPA emphasised the importance of development of the ECT as a measure for bridging the capacity shortfall and also to sustain its strategic role in the Port of Colombo. With the construction of the ECT, SLPA expects to have a deep draft berth in order to handle new generation of deep draft vessels, increase container handling capacity, reduce ship waiting time in the port, increase efficiency with the latest equipment and to have a green port facility.
SLPA, March 21, 2014