Sri Lanka

Sri Lanka's Hambantota port to attract $500m investments: Official

Jun 23, 2018
Sri Lanka's southern Hambantota Port is aiming to attract investments worth $500 million as plans are afoot to set up port related industries inside the port as well as general operation expansion, Ports Minister Mahinda Samarasingha said on Friday.
 
China Merchant Port Holdings (CM Port) and state-owned Sri Lanka Ports Authority in July last year signed an agreement to manage and run the operations of the Hambantota Port, Xinhua news agency reported. 
 
Following the signing, the Hambantota International Port Group (HIPG) was set up, which is a joint venture company formed by the Sri Lankan government and CM Port.
 
Samarasingha said that to date, HIPG received 15 proposals to set up plants inside the port from local to international investors.
 
With the establishment of the joint venture with CM Port, the port has been able to double the number of transshipment vehicles handled from 15,000 to 35,000 per quarter, the minister said.
 
He said that although from quarter-to-quarter, the number of ships remained the same, the number of transshipment vehicles handled had doubled at the Hambantota Port.
 
"It is through the global network that CM Port has that we were able to increase the numbers," Chief Operating Officer of HIPG, Tissa Wickramasinghe said.
 
Sri Lankan Prime Minister Ranil Wickramasinghe earlier called the Hambantota Port "the largest multi-purpose port in Sri Lanka that will add to the country's concept of transforming into a hub in the Indian Ocean".

Leave a Reply

Your email address will not be published. Required fields are marked *

Air pollution battle in India needs a sense of urgency

If India takes the top place in GDP growth globally, why we have such lower targets in meeting air quality over five years, particularly considering the fact that it is the 65 percent of India’s young population would be the main victims of the worsening air quality, writes Rajendra Shende for South Asia Monitor . 

Read more...

Bangladesh, ADB sign deal for rural road network

 The Asian Development Bank (ADB) and the Bangladeshi government have signed an agreement for $200 million in loans to improve the rural road network in Bangladesh.

Read more...
Tweets about SAMonitor
SAM Facebook
SiteLock