The Asian Development Bank (ADB) will provide a $300 million loan for the expansion of the port in Colombo, Sri Lanka's capital, to enable it to almost double the capacity of handling containers by 2010, the bank said.
"In recent year, Colombo Port has lost market share in transshipment because it does not have the operating capacity or depth required to berth the latest generation of container ships," Prodyut Dutt, Asian Development Bank's senior transport specialist, said in a statement.
Container-handling capacity of Colombo port will be increased from 3.3 million 20-foot containers in 2006 to 5.7 million by 2010 and eventually to 10.5 million, the Manila-based lender said.
"In recent year, Colombo Port has lost market share in transshipment because it does not have the operating capacity or depth required to berth the latest generation of container ships," Prodyut Dutt, Asian Development Bank's senior transport specialist, said in a statement.
Container-handling capacity of Colombo port will be increased from 3.3 million 20-foot containers in 2006 to 5.7 million by 2010 and eventually to 10.5 million, the Manila-based lender said.