Sri Lanka Ports Authority (SLPA) is on the lookout for an appropriate shipping company or a terminal operator to take over 49% of remaining shares of the East Container Terminal (ECT) of which the main shareholder is the SLPA.
Developments of this nature are called public-private partnerships (PPPs). Ports and Shipping Minister Arjuna Ranatunga revealed that they are calling Request for Proposals (RFP) to continue the project in more transparent manner, following the Cabinet of Ministers granted the approval to go ahead with ECT development project.
The Cabinet had also approved the proposal to make Asian Development Bank (ADB) as the financial consultant to the project. The Colombo ECT which will have a land area of 1,200 square metres upon completion and 400 sq.m. of this has already been completed.
"This completed area is being utilized for conventional cargo handling at the moment, thereby generating an additional income for the SLPA, Minister Ranatunga said.
The ECT is the second biggest deepwater development project in Colombo harbour and the SLPA holds 51% of major shares of it.