Patriotic Sri Lankans can invest to develop ECT - Gammanpila

Sri Lanka Ports Authority (SLPA) may raise funds for the development of the Eastern Container Terminal (ECT) of the Colombo Port through local sources, Minister Udaya Gammanpila stated.

Addressing a press conference held yesterday (09) to inform Cabinet decisions, Gammanpila stated that patriotic Sri Lankans could be invited to invest in this strategically important project.

The Minister added that the necessary funding could be obtained through the Colombo Stock Exchange (CSE).

He further said, “According to a Cabinet paper submitted by the Minister of Ports, the Sri Lanka Ports Authority will develop the Eastern Container Terminal using its own funds as well as funds sourced from local sources in Sri Lanka.

The Government of Sri Lanka has taken a policy decision not to obtain significant foreign loans as it will affect the exchange rate. As you know, Sri Lanka currently has a large foreign debt burden. The Government of Sri Lanka has taken a policy decision not to go for large foreign loans and is not currently considering any foreign loans. However, the Ports Authority can obtain local loans to develop the Eastern Container Terminal.”