‘East Terminal will not be sold or leased’

2021-01-13 at 18:21

President Gotabaya Rajapaksa has assured union representatives that the East Terminal of the Colombo Port will not be sold or given on lease.

The Presidents Media Division stated the former government had signed an agreement to sell the East Terminal to India, adding following the sale a loan was obtained from Japan and an agreement reached to purchase equipment through the loan.

The Head of State has explained that following discussions between the Sri Lankan government and India, an agreement was reached to maintain 51% ownership stake under the Sri Lanka Ports Authority, however stressing that he will never allow investments made in the country to harm Sri Lanka’s sovereignty or independence.

The President gave these assurances during a discussion requested by port unions held this morning at the office of the President.

India contributes to 66% of the East Terminals re-export operations, while 9% is to Bangladesh and the rest to several other countries.

The Head of State had explained that the Colombo Harbour will be developed by the government, while 51% of ownership stake will be held by the Lankan government, 49% of the port will fall to the Adani Group of India with the port also being open to other investors as well.

Meanwhile President Rajapaksa who stressed that while he hopes to vest operations of the West Terminal of the Colombo Port with the Sri Lanka Ports Authority, he said it is also vital to develop the port as well and plans will be presented in this regard.