Business Daily from THE HINDU group of publications
Monday, Sep 11, 2006
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Business Daily from THE HINDU group of publications Monday, Sep 11, 2006 ePaper |
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Logistics
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Shipping ADB funds Colombo port project
A VIEW of Colombo port
The Asian Development Bank will provide $225 million to part-finance Colombo port's expansion project. A pact on this was signed recently in Colombo. The first phase of the project, estimated at $615 million, presupposes the construction of breakwater and a container terminal and for dredging. The ADB's finance will help build the breakwater. The Government of Sri Lanka proposes to expand the South Colombo terminal to enable deep-draught vessels to enter the Colombo port and, after 2010, to be on a par with other leading ports of the world. There will be provisions for manoeuvrability and safe entry into the port for new ships to be built after 2010. To this end, dredging and construction work is inevitable. While the Government will involve itself substantially in the execution of the project, a private-public partnership is not ruled out, it is learnt.
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