Mar 20, Colombo: The Bank of Ceylon (BoC), signed a financing agreement for Rs. 10.5 Billion with Sri Lanka Port authority (SLPA) for the development of the East Container Terminal (ECT) under Colombo Port Expansion project, a BoC press release said.
This project is facilitated by leading infrastructure development provider Hyundai Engineering and Construction Co. Ltd in Korea. Ltd. It is expected to be completed in 2015.
The BoC release said 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 emphasizes 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 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 country has made long - term funding of various infrastructure projects such as Ports, Road Development and Water Projects in line with Mahinda Chintana vision of rebuilding the future," the release said.
According to the Bank of Ceylon, it is the highest contributor to the development of Ports of Colombo as the local partner.