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BOI signs US$500mn agreement for Col South terminal

22 September 2011 01:09 pm - 0     - {{hitsCtrl.values.hits}}

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The Board of Investment of Sri Lanka (BoI) today signed a US$ 500 million agreement with Colombo International Container Terminals Limited to develop and operate the Colombo South Container Terminal.

Eshana de Silva, Acting Chairman / Director General signed the agreement on behalf of the BOI and formally presented the BOI Certificate of Registration to the investors. Anura Jayasinghe, BOI - Board Member and Priyath Bandu Wickrama, Chairman - Sri Lanka Ports Authority were also present at the occasion.

Nelson Liu, Deputy Managing Director of China Merchants Holdings (International) Company Limited and J. M. S. Brito, Deputy Chairman / CEO of Aitken Spence PLC signed the agreement on behalf of Colombo International Container Terminals Limited.

The agreement for one of the largest Foreign Direct Investments will strengthen Colombo's status as the premier shipping hub of South Asia into the 21st century and construction of the container terminal will commence in December this year, a statement from the BoI said.

The project is funded by the Hong Kong-based China Merchants Holding (International) Company Limited, Aitken Spence PLC and Sri Lanka Port Authority with equity partnership of 55%, 30% and 15% respectively. The project is expected to provide direct employment opportunities for over 1000 and will be implemented over two phases.
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