Update (28/05/19): Sri Lanka, Japan and India have signed a Memorandum of Cooperation (MoC) to jointly develop the new deep-water facility East Container Terminal (ECT) at the Port of Colombo.
The plan is for the Sri Lanka Ports Authority (SLPA) to retain 100% ownership of ECT while owning a 51% stake in the new Terminal Operations Company (TOC) while the Japanese and Indian governments hold the remaining 49%.
According to the SLPA, retaining majority ownership in the TOC represents a “significant step in prioritising national interests” while financing from the joint venture partners will help “Colombo Port to develop at a faster pace than would otherwise be feasible using the SLPA’s own funds”.
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