Sri Lanka to receive Yen grant for Trinco port development

Trincomalee

Mar 30, 2017 (LBO) – Sri Lanka’s Prime Minster is to sign exchange of notes for a grant assistance of one billion yen (1.3 billion rupees) from Japan for the development of Trincomalee Port.

The funds will be utilized to obtain Japanese products in order to develop the maritime guidance system at the Trincomalee Port while increasing the activities of the harbor.

Prime Minister Ranil Wickremesinghe said in a cabinet decision that the Japanese government has agreed to provide this grant assistance as a non-project grant.

Cabinet approval was obtained for this proposal on Tuesday.

Trincomalee harbour is the second best natural harbour in the world and the available water and land area is about 10 times as much as the port of Colombo.

Trincomalee was tentatively identified to cater for bulk and break bulk cargo and port related industrial activities including heavy industries, tourism and agriculture.

At present Sri Lanka Ports Authority is in the process of re-developing Trincomalee as a metropolis growth centre.

Meanwhile, the Supreme Court is to take up the fundamental rights petition filed by the Ceylon Petroleum Common Workers’ Union tomorrow against what they called the illegal occupation by LIOC of the China habour oil tank facility from 2003.

The union says the government could have saved over 900 million rupees every year if the CPC had the opportunity to use the facility when distributing oil to North Eastern parts of the country.