Sri Lanka: BOC Finances East Container Terminal Development

Bank of Ceylon signed a financing agreement for LKR 10.50 Billion with Sri Lanka Port authority (SLPA) for the development of East Container Terminal (ECT) under Colombo Port Expansion project.

This project is facilitated through leading infrastructure development provider Hyndai Engineering and Construction Co. Ltd in Korea. Ltd and is expected to complete in 2015.

Sri Lanka is strategically located in the Indian ocean at the Centre of East- West maritime routes.

SLPA has been proactively involved in maintaining its competitive position amidst stiff competition from the regional ports. SLPA emphasis the importance of development of the ECT as a measure for bridging the capacity shortfall and also to sustain it’s strategic role in the Port of Colombo.

With the construction of the ECT, SLPA expects to have a deep draft berth to cater new generation deep draft vessels, increase container handling capacity, reduce the ship waiting time in the Port, increase the efficiency with latest equipment and to have a green port facility.

Bank of Ceylon being the catalyst of the development of the development of the country has made long – term funding of various infrastructure projects such as Ports, Road Development and Water Projects in line with Mahinda Chinthana vision of rebuilding the future.

Bank of Ceylon is the highest contributor to the development of Ports of Colombo as the local partner.

[mappress]

Press Release, March 20, 2014