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* SLPA seeks $325 million loan financing facility to develop East Container Terminal
Wed, Oct 20, 2021, 11:15 pm SL Time, ColomboPage News Desk, Sri Lanka.

Oct 20, Colombo: Sri Lanka Port Authority is seeking a $325 million loan financing facility to procure the required equipment to develop the East Container Terminal (ECT) of the Colombo Port.

The Authority has called for Expression of Interest (EOI) from eligible domestic/International banks and Financial Institutions, jointly with offshore loan syndicating partners to provide USD term loan financing facility for SLPA to finance procurement of required Equipment and Terminal Operating System valued at approximately USD 325 million.

SLPA has already developed 575m of the quay wall, adjacent yard area and connected facilities at ECT.

In order to enhance development and to operate ECT as highly sophisticated container terminal, SLPA requires investing further funds for balance civil construction of 1320m quay wall the container yard, related facilities and for the procurement of Equipment and Terminal Operating System. The demand for additional capacity is higher than the supply.

SLPA will use its own internally generated funds to finance the remaining investment requirement for ECT.

The Bid for procurement of equipment has already been launched and evaluations are underway, the SLPA said.

The SLPA requires the funds to be available towards the end of 4th quarter of 2021 and the drawdown will be by way of three to four tranches up to 2nd quarter of 2023.

Eligibility Criteria

SLPA hereby invites domestic licensed commercial banks and specialized banks incorporated in Sri Lanka, International Banks and Financial Institutions, jointly with offshore loan syndicating partners, to provide details of their eligibility to submit financing proposals. Upon qualifying under this EOI, selected banks shall be provided Request for Proposals (RFP) containing detailed information describing this financing opportunity, based on which specific financing and structuring proposals can be submitted.

The following information should be provided by eligible bidders to qualify to receive the RFP and thereafter submit detailed proposals and indicative term sheets.

Bidders financing credentials:
• Funds disbursed/syndicated to state led/owned infrastructure projects in Sri Lanka with summary details of each project and financing provided
• Funds disbursed/syndicated to SLPA and private sector ports and logistics sector in Sri Lanka (if any) with summary details of each project and financing provided
• Credentials of offshore loan syndication partners who are specifically willing to participate in financing of ECT as a 100% SLPA owned asset.
• Funds raised/arranged to the government and private sector infrastructure projects through offshore syndication process for last 10 years with summary details of each project and financing provided
• Description of relationship with offshore loan syndication proposed for ECT financing and details of loans if any secured for Sri Lanka from such offshore loan syndication partners
• Proposed approach and the Indicative timeline to execute the proposed financing

Eligible bidders should submit their EOI in keeping with the above guidelines, along with any letters of support from consortium partners, on or before 01st November 2021 to Chairman, Sri Lanka Ports Authority, No 19, Chaithya Road, Colombo 01.

Shortlisted bidders will be notified collection of documents from SLPA to submit the final proposal.


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