ADB Country Director Richard Vokes said the 25-year soft loan is the largest loan from the agency to the government and is meant to retain Colombo’s position as south Asia’s transshipment hub.
Retaining Colombo’s status as a transshipment hub will help keep shipping and handling costs down which is important for the Sri Lankan economy, he said.
The money will help fund infrastructure construction in Colombo port’s expansion to cater to new deep-draft cargo ships being deployed on international trade routes.
Sri Lanka Ports Authority (SLPA) chairman Saliya Wickramasuriya said contracts to build the infrastructure and container terminals will be awarded within the next three months.
The date for opening bids for the infrastructure