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East Container Terminal: Tripartite MoC not cancelled yet 

18 Dec 2020

  • Discussions ongoing to invite foreign investors 
  • SLPA to own controlling stake in investment
By Maheesha Mudugamuwa Discussions are still underway on inviting foreign investors for the development of the East Container Terminal (ECT) at the Colombo Port, according to the Sri Lanka Ports Authority (SLPA).  SLPA Chairman Maj. Gen. Daya Ratnayake told The Morning that the authority was yet to be officially informed about the decisions, and the discussions were still ongoing.  "No final decision has been made," he added.  When asked whether the Government was planning to open up the ECT development to prospective investors, the Chairman noted that the Memorandum of Co-operation (MoC) signed between Japan, Sri Lanka, and India had not been cancelled and therefore, the Government will take the appropriate decision.  Meanwhile, it was reported that the Cabinet of Ministers approved the proposal to bring in an overseas investor for the development of the ECT.  Ports and Shipping Minister Rohitha Abeygunawardena said that when the overseas investor gets involved, the SLPA will have a 51% stake and the other party will have a 49% stake in the ECT.  The SLPA Chairman confirmed that the authority would continue to own the ECT, as it will own the 51% majority of the shares, if it went ahead with foreign investment to develop the ECT.


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