WASHINGTON: The Asian Development Bank (ADB) is currently seeking a co-adviser to the government of Sri Lanka for a proposed East Container Terminal (ECT) expansion project at the Port of Colombo. Interested commercial banks have to submit proposals to the bank by May 16. ADB’s PPP office was recently appointed as transaction adviser for the proposed project.
The ADB and the Sri Lanka Ports Authority (SLPA) on 23 February 2016 signed a transaction advisory services agreement to develop the East Container Terminal of Colombo Port through public-private partnership (PPP). The $500 million project will include operationalization of the existing 400 meters of deep water berth and the full design, build, finance, operation, and maintenance of the remaining 800 meters of berth. The concession for the ECT is likely to be for 35 years.
The project is expected to bring leading operations and technology from the private sector to improve the port’s value proposition to global shipping lines and increase its market share in the global trans-shipment market.
