Water Tight

An ADB team due in Sri Lanka in April will consider a government plea to up a US$ 100 mn allocation by the bank to build a new port to the south of the Colombo harbour. An ADB team due in Sri Lanka in April will consider a government plea to up a US$ 100 mn allocation by the bank to build a new port to the south of the Colombo harbour. The visiting ADB team will evaluate progress with a bank sponsored technical assistance project to build a modern port for Colombo to cater future growth trend especially with the Colombo port’s capacity wearing out by 2012.

The government needs to raise US$ 400 mn for ground work, tug boats and a three kilometer breakwater calling on the private sector to invests in port infrastructure.

Secretary to the ministry Ariyarathna Hewage on Monday confirmed the government’s request, but said the quantum was to be decided by the ADB.

The ADB meanwhile has asked the government to decide on a funding source to raise the rest of the US$ 400 mn. Options include donors and private sector investors.

An ADB sponsored technical assistance programme has already completed the detailed designs and business models, ready to woo privat