Financial Closure

Aug 16, 2011 (LBO) – China Development Banking Corporation will loan 350 million US dollars for a 500 million US dollar container terminal in Colombo to be built by a Sino-Lanka joint venture, state-run Sri Lanka Ports Authority said. The first 600 metres of quay will be completed by December 2013. The terminal will eventually have four berths of 300 meters each.

China Merchant Holdings International, a Chinese state firm, owns 55 percent of the terminal company, Colombo International Container Terminal. Listed Aitken Spence group owns 30 percent and Sri Lanka Ports Authority, 15 percent.

SLPA said the shareholders will invest the balance as equity.

CICT is getting a 35-year concession to built operate and transfer the terminal was signed on August 12. The terminal will have an annual capacity of 2.4 million containers in the expanded Colombo South Harbhour area.

A breakwater which SLPA is now building with Asian Development Bank help is about 66 percent complete the ports agency said.