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AGREEMENT INKED FOR US$500 M AGREEMENT FOR CBO SOUTH CONTAINER TERMINAL

Sep 23, 2011 6:04:02 AM - itnnews.lk

The Board of Investment has inked an agreement with Colombo International Container Terminals Limited to develop and operate the Colombo South Container Terminal.

The agreement for one of the largest Foreign Direct Investments will strengthen Colombo’s status as a premier shipping hub of South Asia in the 21st century. Construction of the container terminal will start in December this year.

The project is an investment of US$ 500 million funded by the Hong Kong-based China Merchants Holding (International) Company Limited, Aitken Spence PLC and Sri Lanka Ports Authority with partnership of 55%, 30% and 15% respectively.

The project is expected to generate 1000 direct jobs for and will be mooted in two stages. Its implementation will increase the inflow of foreign exchange to the country from container services.