- Colombo South Port project to be developed by China Merchant Port Company, its existing venture CICT and SLPA
- Cabinet nod to develop project as a Public-Private-Partnership with an investment of $ 150 m
Sri Lanka is all set to roll out the first phase of the proposed Colombo South Port development project as a Public-Private-Partnership (PPP) with an investment of $ 150 million.
“Based on the recommendations of the Cabinet Appointed Negotiation Committee, the Government has decided to implement the Colombo International Container Terminals (CICT) proposal evaluated by a Cabinet Appointed Negotiation Committee,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
As per the evaluation by a Cabinet Appointed Negotiation Committee, Battenberg and Bloemendhal service delivery areas belonging to Colombo South Port were identified as areas that can be developed under PPP.
“Based on the recommendations of the Cabinet Appointed Negotiation Committee, the PPP project will be developed between the China Merchant Port Company (CMPC), Colombo International Container Terminals Company (CICT) and Sri Lanka Ports Authority (SLPA),” Gunawardena added.
With the Government looking at transforming the Colombo Port into a service supply hub in South Asia, the proposal to this effect submitted by the Ports, Shipping and Aviation Minister Nimal Siripala de Silva was approved Cabinet of Ministers at its meeting on Monday.
The Port of Colombo is the largest commercial port in Sri Lanka as well as a key hub port in the South Asian region. One of the primary strategic objectives of the Port Authority’s National Port Master Plan is to turn Colombo Port into a service supply hub.
The Colombo West Container Terminal is being developed by India’s Adani Group in joint venture with John Keells Holdings which also operates the South Asia Gateway Terminal with several other partners.