Thursday, 20 March 2014 00:54
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State giant Bank of Ceylon has signed a financing agreement for Rs. 10.50 billion with the Sri Lanka Ports Authority (SLPA) for the development of the East Container Terminal (ECT) under the Colombo Port Expansion Project.
This project is facilitated through leading infrastructure development provider Hyundai Engineering and Construction Co. Ltd. in Korea and is expected to complete in 2015.
Sri Lanka is strategically located in the Indian Ocean at the centre of East-West maritime routes. SLPA has been proactively involved in maintaining its competitive position amidst stiff competition from the regional ports. SLPA emphasises 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 to cater to new generation deep draft vessels, increase container handling capacity, reduce the ship waiting time in the port, increase the efficiency with latest equipment and to have a green port facility.
Bank of Ceylon being the catalyst of the development of the development of the country has provided long-term funding for various infrastructure projects such as ports, road development and water projects in line with the ‘Mahinda Chinthana’ vision of rebuilding the future. Bank of Ceylon is the highest contributor to the development of the Port of Colombo as the local partner.
