October 30, 2020: Sri Lanka’s cabinet of ministers had cleared tax relief for 90 million dollar investment to boost capacity at a terminal operated by China’s CM Ports group, the state information office said.
Colombo International Container Terminal, a 500 million dollar build operate own project will install new equipment to boost container handling capacity and will not construct additional berthing.
Tax relief for the new investment will be given under Sri Lanka’s Strategic Development Law.
Sri Lanka’s last administration failed to clear investors who bid for another half completed terminal (East Colombo Terminal) with Indian involvement with ex-President Maithripala Sirisena raising objections.
The CICT terminal is the only terminal can handle super post Panamax style large ships.
Sri Lanka Ports Authority has installed cranes at the East Terminal’s first berth, which were imported for another terminal.
Source: economynext
