Sri Lanka scraps deal to jointly develop East Container Terminal with India and Japan
Risking a geopolitical row, the Sri Lankan government has decided to renege on a 2019 agreement to jointly develop a new deep-water terminal in the Port of Colombo with India and Japan, choosing instead to put the Sri Lanka Ports Authority (SLPA) in sole ownership.
Two years ago, the previous government headed by Maithripala Sirisena and Ranil Wickremesinghe signed an agreement with India and Japan to jointly develop East Container Terminal (ECT).
At the time, the plan was for the SLPA to hold a 51% stake while the fellow Asian partners would hold a cumulative 49% share.
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