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Sri Lanka clears Indian investment in another terminal in Colombo port

Date: 03 March 2021 Tags: India & World
  • Sri Lanka said it will develop the West Container Terminal (WCT) at the Colombo Port along with India and Japan.
  • This is a significant change from previous policy when the two partners were ejected from a 2019 tripartite agreement to jointly develop the East Container Terminal (ECT), amid port unions' resistance to “foreign involvement”.
  • While India has named Adani Ports, which was earlier nominated to invest in the ECT, Japan is yet to respond.
  • After Sri Lanka reneged on the 2019 agreement, it offered the WCT as an alternative, allowing the foreign investors to hold a higher stake.
  • In the ECT project agreed upon earlier, the Sri Lanka Ports Authority was to hold 51 % stakes. In the WCT proposal, India and Japan will be accorded 85 % stakes.