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The Asian Development Bank (ADB) will help fund the expansion of the Colombo Port with a $ 300 million loan that will substantially upgrade the container handling facilities at the port. Container-handling capacity will be increased from 3.3 million 20-foot containers in 2006 to 5.7 million by 2010 and eventually to 10.5 million. This expansion will assist Sri Lanka in generating additional income from transshipment. Foreign direct investment in the ports sector is expected to increase by about $800 million by 2024. Under the current conflict situation, security measures have been highlighted and incorporated into the project. The project will promote Sri Lanka ’s overall economic growth by improving its international competitiveness with lower transport costs and faster delivery times. The $300 million loan
for the project will come from ADB’s ordinary capital resources and be
provided under the conditions of the London interbank offered rate-based
lending facility. The loan, which will have a 25-year term and include a
5-year grace period, will be administered by the Sri Lanka Ports
Authority under the supervision of the Ministry of Ports and Aviation.
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