Cabinet nod to set up cargo service centre at Colombo Port on PPP basis

The Cabinet nod has been granted to enter into an agreement with the Colombo International Container Terminal (CICT), a unit of China Merchant Ports Group, to setup a cargo service centre in the Battenberg and Blumendal service delivery areas of the Port of Colombo with an initial investment of US$ 150 million.
Minister of Ports, Shipping and Aviation Nimal Siripala de Silva on Monday sought the approval of the Cabinet of Ministers to implement the proposed project as a public-private partnership between China Merchant Port Company, CICT and Sri Lanka Ports Authority (SLPA) based on recommendations of a Cabinet appointed negotiation committee.

Under the first phase of the project, the CICT has planned to invest US$ 150 million.
“Battenberg and Blumendal service delivery areas belonging to Colombo South Port, have been identified as areas that can be developed under a public-private partnership,” the Department of Government Information said.
China Merchant Port Company has 85 percent stake in CICT.
The Department of Government Information said the project is in line with the SLPA’s  National Port Master Plan where it aims to transform the Port of Colombo  into a service supplying hub.