Biggest Sri Lanka investment
The largest investment in Sri Lanka’s port sector is set to take place following a US$700 deal.
Sri Lanka Ports Authority (SLPA), Adani Group and John Keells Holdings have signed a 35-year agreement to jointly develop the West Container Terminal (WCT) at the Port of Colombo (POC).
The Build-Operate-Transfer (BOT) agreement worth more than US$700m is the largest foreign investment ever in the port sector of Sri Lanka.
The commencement of the CWICT will add more than 3m annual TEU capacity to the Port of Colombo, said SLPA.
It added: “With the signing of the agreement, and the massive development thereafter, the Port of Colombo will further enhance its global reputation as an international hub port. SLPA believes this will strengthen cooperation between regional economies. The port sector and the strengthening of the country’s national economy will also benefit from this investment.”
Adani’s involvement in the development and operations of WCT was confirmed in March after the Sri Lankan government confirmed a WCT development deal.
In February, Sri Lanka scrapped a deal to develop the East Container Terminal (ECT) at POC.
ECT is located next to the Colombo International Container Terminal, which is 85% owned by China and 15% owned by the SLPA.