Slow Sailing

The sweep for funding sources to back the proposed South Harbour project will be six months late on account of the ongoing political row.
A market survey to identify potential investors to raise an estimated US$ 600 million for the initial work was due to set sail around November 2003.rn

rnThe initial funding requirement also includes a state sponsored component of US$ 250 million, which policy makers plan to raise from the donor community. rn

rnThe State contribution will fund the some ground work and a 3 kilometre breakwater for the new port. rn

rnAlready in January this year EGS (Asia) Ltd., of Hong Kong was commission to carry out a detailed geophysical survey of the project area of the proposed site for the South Harbour.rn

rnMeanwhile, the final version of an Asian Development Bank (ADB) sponsored business plan for the Colombo South Harbour is due in late April and will set the base for the eventual fund raising exercise. rn

rnThe South Harbour Development project will see the creation