Sri lanka:Ship Technology reported that Sri Lanka Ports Authority (SLPA), China and India are investing over USD 700m for the development of three key ports in Sri Lanka over the next three years. India will invest USD 40m to upgrade the Kankesanthurai Port, which is currently in process and expected to be completed early next year.
Sri Lankan Treasury has received a total lease payment of USD 974m for the Hambantota port project from China, which has already invested USD 146m for the development work in the port.
SLPA has decided to invest USD 100m for the construction of the East Container Terminal (ECT), following detailed planning and negotiations.
SLPA recorded USD 193m profit last year and plans to invest in the development of ECT, as delaying this project further is expected to cost more for the authority.
