Sri Lanka to spend USD 132M on port development projects

Sri Lankan Minister of Ports, Shipping and Aviation Nimal Siripala de Silva has said the government will spend around USD132 million on port development projects, Xinhua reported.

These investments would be made through revenue generated from port operations, the minister said on Saturday night.
  Speaking at an event in Colombo, the minister said the government has allocated over USD100 million for the Eastern Container Terminal and USD32 million for the Jaya Container Terminal.

Both terminals are fully owned subsidiaries of the state-owned Sri Lanka Ports Authority.

He added that apart from the above investments, they expect to develop the Trincomalee harbour for bulk cargo operations and the Galle harbour for tourism industry with a yacht service and facilitate the anchoring of large ships.

Sri Lanka expects to become a logistics and transport hub in the Indian Ocean.

Source : Newswire