- $ 45.17 m credit line from India for KKS
- Harbour restoration
- Technical Assistance loan from ADB for development of northern section of Colombo Port
By Skandha Gunasekara
The Government this week approved loans to develop both the Kankesanthurai (KKS) Harbour and the northern section of the Colombo Port.
For the reconstruction of the KKS harbour, a credit line agreement between the Export-Import Bank of India and the Sri Lankan Government was signed.
Accordingly, a $ 45.17 million credit line from India will be used to finance the restoration of the KKS Harbour, which is to be transformed into a self-sustainable, commercial harbour.
This project is line with the Government’s North-East Economic Corridor concept to develop trade in the northern and eastern ports/harbours.
The restoration of the KKS Harbour is to be carried out by the Sri Lanka Ports Authority (SLPA) and will see the installation of a new jetty along with the rehabilitation of the existing one.
Meanwhile, the finances to upgrade the northern part of the Colombo Port will be in the form of a Technical Assistance (TA) loan from the Asian Development Bank (ADB).
A $ 1.5 million has been provided by the ADB to prepare the National Port Master in addition to the TA loan of $ 4.42 million for detailed design and for any other projects identified by the Master Plan.
Additional terminals will be added to the Colombo Port to handle a larger volume of containers as well as for logistic facilities and energy production.
Minister of Ports and Shipping Mahinda Samarasinghe submitted the Cabinet papers for the two projects.