Oct 13, Colombo: The Asian Development Bank (ADB) has approved a US$4 million loan to Walkers Colombo Shipyard (Pvt) Ltd, a subsidiary of Sri Lanka's MTD Walkers PLC group from ADB's ordinary capital resources, for the Shipyard Rehabilitation and Infrastructure Project in Sri Lanka.
The borrower, Walkers Colombo Shipyard, a subsidiary of Walkers Shipyards Limited, a holding company sponsored by MTD Walkers Plc, is a well-established company in Sri Lanka with experience in marine engineering business, EPC for industrial and infrastructure projects and property development.
ADB will fund the capital expenditure and expansion plans for the Colombo repair yard with a total project cost of $13.9 million.
The successful implementation of the project will help develop Sri Lanka into a competitive hub for maritime activities in South Asia. The outcome will be improved operations of the local marine industry.
The outputs will be a small vessel repair capacity commissioned, local employment generated, and growth of the local economy supported.
Walkers Colombo Shipyard (WCS) is a fully integrated shipyard that provides turnkey ship /vessel repair, building & other marine engineering services to the ships and vessels in Indian Ocean ship route with the emphasis on quality, reliability and quick turnaround time. As a subsidiary of MTD Walkers PLC, WCS is fully equipped with advanced facilities, technical expertise and the skilled workmanship to carry out complete ship repair and conversion for small to medium scale ships and vessels in the Indian Ocean.
Strategically positioning itself in four conveniently accessible locations in the Indian Ocean ship route, WCS has become a global point of reference for repair and conversion of all ship types.