The first, which will involve US$350m of public funds, will concentrate on implementing basic infrastructure, while the US$700m phase two will involve private sector participation in outfitting the actual box terminals.
In the meantime, US$19.5m is being invested by Sri Lanka Ports Authority to dredge the northern channel to a depth of 13 m (currently 9.5 m), which will have the effect of easing congestion and reducing waiting time.
This work has been funded by the Japan Bank for International Cooperation.
